Swiss Market Ends On Weak Note

(RTTNews) - The Switzerland stock market ended on a weak note on Tuesday after languishing in the red right through the day's session.

The mood was cautious amid concerns about interest rate hikes after some Fed officials said the central bank needs to raise interest rates beyond 5% and hold the rates around that level in order to fight inflation.

The benchmark SMI ended with a loss of 50.42 points or 0.45% at 11,162.15. The index moved in a tight band between 11,108.18 and 11,180.51.

Novartis dropped 2.1%. Sika drifted down 1.72%, Sonova ended 1.42% down, and Swiss Re ended lower by 1.25%.

Logitech, Holcim, ABB, Partners Group and Givaudan lost 0.5 to 1%.

Lonza Group climbed 1.86% and Swiss Life Holding advanced 1.03%. Roche Holding gained about 0.4%.

In the Mid Price Index, Adecco ended 6.1% down. VAT Group lost about 3%, while Zur Rose, Ems Chemie Holding, Schindler Holding, Schindler Ps and Lindt & Spruengli lost 1.7 to 2.2%.

Temenos Group, Lindt & Spruengli N, Kuehne & Nagel, Clariant and PSP Swiss Property ended lower by 1 to 1.6%.

SIG Combibloc gained 1.1%. Straumann Holding, Dufry, Bachem Holding and Flughafen Zurich posted modest gains.