The Switzerland stock market retreated after an early strong uptick Thursday morning, but despite a couple of brief spells in the red, largely stayed in positive territory to end the session modestly higher.
While positive reaction to the trend in U.S. election results set up a firm start, worries about coronavirus spread, earnings reports and weak consumer confidence data weighed on the market and wiped off some gains.
The benchmark SMI, which rose to 10,381.02 in early trades, touched a low of 10,268.91 before settling at 10,306.35, netting a gain of 19.56 points or 0.19%.
Richemont gained about 3.1%. Geberit surged up 2.5%, while Credit Suisse and Partners Group gained 2.2% and 2%, respectively.
Lonza Group, Swatch Group, UBS Group, Swiss Life Holding, Sika, ABB and SGS moved up 1.2 to 1.8%.
On the other hand, Nestle shed 1.25%, Novartis slid 1% and Roche Holding ended lower by about 0.7%.
In the Mid Price index, Logitech surged up 4.6%, while VAT Group and Dufry both ended higher by about 4.3%.
AMS gained nearly 3%, Temeons Group and SIG Combibloc added about 2.6% each, while Galenica Sante and Julius Baer both ended higher by 2%.
Among the losers, Barry Callebaut, Lindt & Spruengli and Lindt & Sp Ps slid 1.6 to 2.1%.
On the economic front, survey data from the State Secretariat for Economic Affairs, or SECO, showed Switzerland's consumer confidence weakened in the fourth quarter.
Concerns about the economy and the labor market amid a resurgence in the coronavirus pandemic in Europe defied expectations for a strong improvement, the survey noted.
The consumer confidence index rose fell to -12.8 from -12.0 in the third quarter. Economists had forecast a score of -8.0. The reading had plummeted to a low of -39.3 in the second quarter.
"The sentiment remains gloomy, coming in well below the long-term average of -5 points," SECO said. "Economic development and the situation on the labor market are seen as unfavorable," the agency added.
None of the sub-indexes showed significant improvement.
For comments and feedback contact: editorial@rttnews.com
