Swiss Market Ends Modestly Lower

(RTTNews) - The Switzerland market closed on a weak note on Monday, after languishing in negative territory right through the day's trading session as investors remained hesitant to pick up stocks, choosing to wait for some crucial economic data, and the monetary policy announcements from several central banks.

Easing concerns about U.S.-China trade tensions helped limit the market's downside.

The benchmark SMI ended down by 40.59 points or 0.32% at 12,527.59, after moving between 12,446.05 and 12,548.52.

Sika ended down by about 4.25%. Givaudan, Swatch Group, Galderma Group and Lonza Group lost 1.3 to 2%.

Roche Holding ended 1.4% down, after Jefferies cut the stock's rating to "underperform" and reduced the target price to CHF 230 from CHF 270.

Novartis ended lower by about 0.8%. The drugmaker said it agreed to acquire U.S. biotech firm Avidity Biosciences RNA for about $12 billion in cash.

Alcon, Lindt & Spruengli, Sonova, Schindler Ps, Swisscom and Straumann Holding also ended weak.

Meanwhile, Kuehne + Nagel climbed 1.53%, UBS Group, Logitech International, Zurich Insurance and Holcim gained 1 to 1.2%, while Swiss Life Holding and Sandoz Group ended higher by 0.85% and 0.8%, respectively.