Most Swiss Stocks Decline; SMI Falls From 4 1/2-Year HighCorinne Gretler
Most stocks in Switzerland declined, trimming gains that drove the benchmark Swiss Market Index last week to the highest level since June 2008.
Cie. Financiere Richemont SA, the owner of the Cartier brand, fell 0.9 percent. Sulzer AG rose for a 10th day, posting the longest winning streak since September 2009. Evolva Holding AG rallied 8.5 percent after forecasting a “significant revenue increase” in 2013.
The SMI slipped less than 0.1 percent to 7,497.23 at the close of trading in Zurich, as 11 stocks dropped and six advanced. The gauge has rallied 9.9 percent this year as the Swiss franc depreciated against the euro. The broader Swiss Performance Index also lost less than 0.1 percent today.
“It’s very quiet on the company front,” Roland Schuermann, a trader at Luzerner Kantonalbank AG in Lucerne, wrote in a note to clients today. “The U.S. markets are closed for Presidents’ Day and hence we’ll experience a quiet start into the week.”
The volume of shares changing hands in SMI-listed companies was 53 percent lower than the average during the past 30 days, data compiled by Bloomberg showed.
Richemont lost 70 centimes to 75.20 francs after Berenberg Bank AG said European luxury companies may be hurt by “mega-brand fatigue” shown in relatively weak sales at LVMH Moet Hennessy Louis Vuitton SA and Richemont’s Cartier watches.
Sulzer, a Swiss pump maker, gained 2.2 percent to 161 francs, rising for a 10th day to the highest level since January 2008.
Evolva advanced 7 centimes to 89 centimes after saying it expects 2013 revenue of between 10 million francs ($10.8 million) and 13 million francs.
Nobel Biocare Holding AG gained 3.2 percent to 9.93 francs after Oskar Ronner, an investor in the world’s second-biggest dental-implant maker, abandoned an attempt to win three seats on the board following the rejection of two of his nominees. Nobel disagreed with his view that the company needs to review its strategy, in particular whether it should focus on more expensive implants or low-cost products, he said today.