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After staying a bit positive till around mid morning, Swiss stocks struggled for direction till a couple of hours past noon, and then drifted lower to end on a weak note on Thursday. Hotter than expected inflation data, and a report showing a drop in retail sales weighed on sentiment.<\/p>\n
The benchmark SMI, which advanced to 11,301.35 early on, dropped to a low of 11,188.72 around late afternoon, and eventually ended the day with a loss of 51.28 points or 0.46% at 11,209.63.<\/p>\n
Data from the Federal Statistical Office showed Switzerland’s consumer price inflation increased more-than-expected in April to the highest level in four months.<\/p>\n
The consumer price index, or CPI, climbed 1.4% year-over-year in April, after a 1% gain in March. Economists had expected inflation to rise slightly to 1.1%. However, inflation remained within the central bank’s target range of 0-2 percent.<\/p>\n
On a monthly basis, consumer prices climbed 0.3% after remaining flat in March.<\/p>\n
Separate official data showed that retail sales dropped 0.1% annually in March, reversing a 0.2% gain in the prior month. Sales of both non-food and food products declined 0.6% in March from last year. Monthly, retail sales fell 0.4% percent in March, in contrast to a 0.1% increase in February.<\/p>\n
VAT Group rallied nearly 5%. Straumann Holding ended down 4.07%. Roche Holding dropped 2.95% and Swisscom ended nearly 2% down.<\/p>\n
Swiss Life Holding, Zurich Insurance Group, Swiss Re, Partners Group, Schindler Holding and Sandoz lost 0.5 to 1.1%.<\/p>\n
Logitech International gained 3.5%. Julius Baer climbed 2.76% and Sonova advanced about 1.8%. SIG Group, Lonza Group, Holcim and Kuehne & Nagel gained 0.5 to 0.8%.<\/p>\n
Novartis ended 0.2% down after the company agreed to acquire US-based preclinical-stage biotech company Mariana Oncology. The acquisition will be satisfied through an upfront payment of $1 billion and further payments of $750 million, conditional on the fulfillment of pre-specified milestones of the acquisition, according to the announcement from the company. <\/p>\n<\/p>\n<\/div>\n