The rain of sales continues today on the Zurich Stock Exchange. After the decision of the Swiss National Bank to cancel the minimum threshold imposed by law at euro-franc exchange and to cut key rates, theSmi index of Zurich almost loses 6 percentage points at 11.
The imposed turnaround taken by the Swiss National Bank, which led to the decisive appreciation of the Swiss franc, had as a consequence the collapse of shares, penalizing above all those of exporting companies and groups with a large part of revenues denominated in euros or dollars but with the cost basis in francs. According to an analysis by Credit Suisse, asset management companies and large investment banking institutions are paying the brunt of the consequences.
Among the stocks that are suffering the worst declines today is Julius Baer (losing 8,42%), Actelion e Swatch Group (-6,9%). Among the banks: -3% Ubs and -4,5% Credit Suisse. In negative territory, but with more contained declines, the title of the telephone group Swisscom (-2,3%) by virtue of its domestic business.
