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Between 12 p.m. and 3 p.m., the leading Swiss index moved sideways at around minus 1 percent. With the announcement of the first first coronavirus case in Switzerland, the courses dropped suddenly. The SMI was down by 2.5 percent and fell to an annual low.
Setbacks are likely to accumulate
According to Spillmann, the stock exchange has reacted to new negative news. That is unlikely to change in the short term. Such a market reaction is always to be expected in the next few days when new coronavirus cases appear in an economically strong region, »says Spillamann
The Swiss stock exchange’s downward trend thus continued on Tuesday. As a result, he saw the biggest drop in prices since August 2015 on the stock market. The SMI ultimately closed 2.2 percent in minus at 10,478.51 points.
Novartis is the biggest loser
The default values dropped with the exception of Lonza. The biggest loser was Novartis with a price drop of five percent. The pharmaceutical company is investigating reports of serious side effects from its recently approved eye drug Beovu. Novartis expects the drug to generate a billion dollars or more in annual sales, and analysts approve of the drug, in some cases even significantly higher sales revenues.
The major banks Credit Suisse and UBS, as well as the ophthalmic group Alcon, suffered price losses of more than three percent each. The companies Nestle and Roche, which are considered to be relatively crisis-proof, held up comparatively well: the food company and the pharmaceutical manufacturer lost one and 1.4 percent, respectively.
With material from Reuters
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