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Share prices tumble again

The Swiss Market Index (SMI) closed down more than four per cent on Wednesday, in line with large falls on European bourses.

The blue chip SMI ended trading at 4,792 points, with the Swiss Performance Index (SPI) faring little better, finishing 3.84 per cent lower at 4,395 points.

Human resources company Adecco was among the hardest hit, losing 10.8 per cent while the share prices of chemical concern Lonza and cement company Holcim also experienced significant losses in value (-8.8 and -6.3 per cent respectively).

Switzerland’s big banks were not spared despite the news of a long awaited tax agreement with Germany.

UBS shares were down 5.4 per cent and Credit Suisse lost 3.5 per cent. and agencies

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