Coffee, chocolates and pills shield Swiss stocks from virus rout [Reuters]
ROCHE HOLDING LTD S/ADR (RHHBY)
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Source: Reuters
Coffee, chocolates and pills shield Swiss stocks from virus rout LONDON (Reuters) - Shielded by the resilience of three behemoth defensive stocks, the Swiss blue-chip index has comfortably weathered the coronavirus storm compared with other European benchmarks which have sustained up to three times more damage. With no direct exposure to oil, airlines or other sectors battered by the pandemic, the Swiss Market Index .SSMI is down less than 10% since the beginning of the year. The pan-European STOXX 600 index has slumped 21% in the same period. Switzerland is home to the world’s biggest food group Nestle ( NESN.S ) and pharmaceutical giants Roche ( ROG.S ) and Novartis ( NOVN.S ), all of whose earnings typically hold up even when markets are in turmoil and economic indicators turning south. Graphic - European stocks by countries: Switzerland outperforms: here Nestle, Roche and Novartis make up over 70% of the blue-chip index, which has a market capitalisation of 1.16 trillion Sw
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