Swiss Market Pares Early Gains, Settles Flat

(RTTNews) - Save for a brief while during the closing minutes, Switzerland's SMI index stayed positive on Monday, but still ended the session with just a slender gain as several stocks pared early gains due to a lack of support at higher levels.

Investors digested data showing Switzerland's consumer price inflation slowed unexpectedly in October after remaining stable in the previous two months.

The SMI, which climbed to 12,310.75 around mid morning, ended the day's session at 12,235.54, up 1.04 points or 0.01%.

Sandoz Group climbed nearly 3.5%. Logitech International, Galderma Group and Richemont gained 1.9 to 2.05%.

Nestle gained 1.1%. Geberit, SGS and Swiss Life Holding climbed 0.4 to 0.7%.

Sika ended down 3.82% after the company lowered its medium-term growth targets and introduced restructuring measures.

Lonza Group lost 2.7%, while VAT Group, Straumann Holding, Alcon, Sonova, Givaudan, Partners Group and Holcim ended lower by 1 to 1.7%.

Data from the Federal Statistical Office said Switzerland's consumer price index rose 0.1% on a yearly basis in October, following a 0.2% increase in September. Meanwhile, economists had expected the inflation to rise to 0.3%.

Prices for food and non-alcoholic beverages were 0.5% less expensive compared to last year, and transportation charges dropped by 1.7%. On the other hand, education costs grew 2.6%, and housing and energy prices were 0.8% higher.

On a monthly basis, consumer prices decreased 0.3% in October after falling 0.2% in September. The expected fall was 0.1%.