The Swiss stock market ended Friday's trading session with a slight loss and finished the trading week with a decline. After a positive start, the market fell rapidly to the downside. The market then traded in a range for the remainder of the session.
Swiss stocks were dragged lower by a weak performance from the defensive heavyweights. The release of the better than expected consumer confidence and new home sales reports in the U.S. in the afternoon had only minimal impact on the market's performance.
The Swiss Market Index fell 13 points to 6,184 Friday, a loss of 0.27%. The Swiss Performance Index lost 0.12% and the Swiss Leader Index finished down by 0.04%.
The losses from the defensive heavyweights were not caused by individual company news, but rather by the higher risk appetite of investors. Novartis dropped by 1.3% Friday Roche declined by 0.7% and Nestle dipped by 0.2%.
Swiss Re fell by 1.0% Friday after brokers changed their price targets on the stock. The company had risen sharply during the previous session, following a better than expected financial report. The rest of the insurers fared much better. Baloise rose by 0.7%, ZFS by 1.2% and Swiss Life closed up by 2.0%.
by RTT Staff Writer
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