BRUSSELS (dpa-AFX) - The Swiss stock market spent all of Monday bouncing back and forth across the unchanged line, but a late swoon saw the SMI extend its losing streak to seven sessions - costing it more than 465 points or 4 percent in that span.
The weakness was in line with the rest of the major European markets, which finished modestly under water to start the week as investors waited for Iran's response to the weekend U.S. air strikes on its nuclear sites.
Media reports suggest that Iran is mulling blocking the Strait of Hormuz, a key artery for global oil and gas supplies being sent around the world from Middle East. Other reports said that Iran may target one of several U.S. military bases located throughout the region.
Meanwhile, Israeli officials have signaled that the country is prepared to halt its military campaign against Iran if Supreme Leader Ayatollah Ali Khamenei ceases hostilities and seeks a resolution to the conflict.
For the day, the SMI shed 16.36 points or 0.14 percent to finish at 11,854.96 after trading between 11,813.08 and 11,912.58.
Among the actives, Adecco Group stumbled 1.94 percent, while Swisscom rallied 1.16 percent, Julius Bar Gruppe slumped 1.12 percent, Swatch Group advanced 0.92 percent, Swiss Re skidded 0.84 percent, Swiss Life dropped 0.67 percent, Zurich Insurance sank 0.54 percent, UBS Group collected 0.32 percent, Novartis added 0.20 percent and Nestle dipped 0.12 percent.
In corporate news, TUI Group announced that Bentour Reisen is acquiring 20 percent of the shares in TUI subsidiary - Nazar Nordic AB, while the TUI Group is acquiring 20 percent of the shares in Bentour Reisen AG.
Both Nazar and Bentour Reisen offer holiday products with a focus on all-inclusive trips to Türkiye and Greece. However, they operate in different markets. Nazar is a travel specialist in Northern Europe, while Bentour Reisen is a family-run Swiss tour operator for German-speaking markets of Austria, Switzerland and Germany.
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