Mastercard shares close little changed on Tuesday, Switzerland’s COMCO launches investigation of card issuer

The Swiss Competition Commission (COMCO) said earlier this week that it had launched a probe of Mastercard Inc (MA) in relation with possible obstruction of SIX’s National Cash Scheme, the legislation governing withdrawals and other transactions at banks’ cash machines.

Mastercard shares closed higher for the fifth time in the past ten trading sessions in New York on Tuesday. The stock inched up 0.06% ($0.21) to $341.21, after touching an intraday high at $344.00, or a price level not seen since February 11th ($349.59).

Shares of Mastercard Inc have retreated 4.41% so far in 2021 compared with a 4.70% gain for the benchmark index, S&P 500 (SPX).

In 2020, Mastercard’s stock went up 19.54%, thus, it outperformed the S&P 500, which registered a 16.26% gain.

“The obstruction occurs because Mastercard refuses to co-badge the NCS on the new debit Mastercard,” the competition watchdog said in a statement.

The regulator referred to the addition of a second payment application or brand onto a debit card.

“COMCO is now investigating whether Mastercard has abused its position as a dominant company. Precautionary measures were taken for the duration of the investigation,” the regulatory body said.