Swiss Market Ends Weak

(RTTNews) - The Switzerland market ended on a weak note on Wednesday despite spending much of the day's session above the flat line.

The mood turned cautious around late morning, and the market remained sluggish thereafter as oil prices rebounded after five successive days of losses. Uncertainty about Hormuz Strait reopening contributed to oil's rebound.

After U.S. President Donald Trump's strong message at the UN General Assembly on Tuesday, Iran's President Masoud Pezeshkian, said today that Tehran would never "bend at the knee" in response to external pressure and blamed the US and Israel for global instability.

Brent crude futures, which had tumbled to $94.08 a barrel earlier in the day, recovered to over $101 a barrel later on.

The benchmark SMI ended with a loss of 31.67 points or 0.23% at 13,921.72 after scaling a high of 14,031.29 and a low of 13,918.55 intraday.

Sika ended down by a little over 2%. Galderma Group, Helvetia Baloise Holding and UBS Group shed about 1.7%. Givaudan, Amrize, Swiss Life Holding, Geberit and SGS lost 1%-1.77%.

Zurich Insurance Group, ABB, Julius Baer, Straumann Holding, Lindt & Spruengli, Holcim and Schindler Ps also closed weak.

Logitech International climbed 2.37%. Sonova, Novartis, Swiss Re and Sandoz Group gained 0.9%-1%.