Swiss Market Settles Moderately Lower

(RTTNews) - The Switzerland market ended weak on Friday, in line with markets across Europe, as investors chose to trim down positions at several counters, continuing to react to earnings updates and assessing the developments on the trade front.

The benchmark SMI edged up slightly at the start, but dropped soon and stayed weak right till the end of the session. The index settled with a loss of 75.13 points or 0.61% at 12,234.50, nearly 100 points off the day's high of 12,332.95.

Swatch Group closed down by 3.7%. Swiss Re ended nearly 2% down. VAT Group, Amrise and Zurich Insurance drifted down by about 1.75%.

Lindt & Spruengli, Richemont, Roche Holding, Swiss Life Holding, Givaudan, Lonza Group and Nestle drifted down by 0.7 to 1.3%.

Straumann Holding climbed 4.21%. Sandoz Group gained 1.1%, and Galderma Group closed 0.7% up.

On the economic front, Swiss retail sales increased at a faster than expected pace in September after a renewed decline in August, data from the Federal Statistical Office revealed.

In real terms, retail sales climbed 1.5% on a yearly basis, reversing a 0.4% fall in August, which was the first decrease in fourteen months. Meanwhile, sales were expected to rise by 0.3%.

Excluding service stations, total retail sales advanced 2%. Sales of food, drinks, and tobacco registered an annual growth of 1.3%, and the non-food sector posted a 2.5% expansion.

Month-on-month, retail sales recovered 0.6% in September versus a 0.2% fall in August.