Swiss Stocks: Evolva, Kardex, Nestle, SGS Shares Move in Zurich Trading
Switzerland’s benchmark Swiss Market Index declined 7.36, or 0.1 percent, to 5,974.3, extending this week’s drop to 4.8 percent.
The following were among the most active stocks in the Swiss market today. Symbols are in parentheses.
Evolva AG (EVE SW) jumped 16 percent to 2.13 Swiss francs after the drugmaker said it will receive an additional 3.5 million francs ($3.3 million) from two investors.
Kardex AG (KARN SW) fell 9.6 percent to 29.7 francs after the supplier of automated storage systems said first half-sales will be around 15 percent lower than last year. The company also sees a “negative” operating profit and a net loss.
Nestle SA (NESN VX) slid 1.7 percent to 50.35 francs, a fourth day of losses. Morgan Stanley reduced its rating on the world’s biggest food company to “equal weight” from “overweight,” saying “further earnings upgrades are unlikely and consensus now reflects many of the positive attributes investors have come to rely on.”
SGS SA (SGSN VX) gained 1.7 percent to 1,461 francs after CA Cheuvreux raised its price estimate on the world’s biggest goods inspector. The brokerage said the company’s first-half results are expected to “confirm improving momentum in key divisions.”