The Swiss Stock Exchange continued down the path of the cellar on Tuesday as midday approached, the day after a successful session.
“The turbulence caused by the current monetary and political uncertainties in the United States and Europe, combined with the fact that we are now approaching the end of the quarter before the summer season, offers investors the best opportunity to rebalance their portfolios,” observes Pierre Veyret, for Activtrades.
The European economic agenda is practically empty and we will have to wait until the afternoon to see American indications on the housing market or consumer confidence in particular.
Capital holders already have their eyes fixed on growth in Uncle Sam’s country over the first three months of the year, scheduled for Thursday, as well as on the US inflation survey (CPE) announced for Friday.
At 10:55 a.m. the Swiss Market Index (SMI) dropped 0.67% to 12,075.48 points, the Swiss Leader Index (SLI) 0.75% to 1948.52 points and the Swiss Performance Index (SPI) 0.67% to 16,028 .64 points. Of the thirty main valuations, only five remained afloat.
The Schaffhausen food packaging producer SIG Group (+1.6%) was at the head of the breakaway, ahead of the generic and biosimilar medicines giant Sandoz (0.2%). Construction chemist Sika was coated by 0.1%.
The life and professional pension insurer Swiss Life, as well as the historic telecommunications operator Swisscom, were orbiting around the balance.
The pharmaceutical and diagnostics giant Roche (good -0.5% and buoyant -0.4%) hardly benefited from the approval as expected of a subcutaneous version of its treatment against multiple sclerosis Ocrevus on the Vieux continent. Its rival and neighbor Novartis lost 0.2%.
The Vevey food liner Nestlé (-0.5%) was denounced to the public prosecutor by the cantonal chemist of Vaud for its improper use of filters in the production of bottled water.
At the bottom of the table, no less than eleven stocks dropped more than one percentage point, starting with the elevator manufacturer Schindler (good -3.1%). The ophthalmic giant Alcon (-2.4%), the Geneva luxury brand manager Richemont (-1.9%), or the banking behemoth UBS (-1.5%) were not doing well either.
The broader market was more mixed. The solar module manufacturer Meyer Burger soared 37% to return to the penny threshold, after having delivered self-satisfaction on the ongoing transfer of its center of gravity to the United States and a first order over three years in the country from Uncle Sam.
The chemist and packager CPH (-23%) has finalized the outsourcing of its paper activities.
The boss of the Israeli specialist in remote medical monitoring SHL Telemedicine (not treated) must play extra time, until the end of August and the hoped-for hiring of his successor. (AWP)
