The Swiss stock market began Tuesday's trading session with a positive open, but its early gains eroded over the course of the day. The declines in the afternoon were attributed to the larger than expected decline in U.S. durable goods orders. The better than expected U.S. consumer confidence number later in the afternoon helped to provide some relief.
The Swiss Market Index fell by 0.31% Tuesday and closed at 6,125. The Swiss Leader Index declined by 0.23% and the Swiss Performance Index lost 0.16%.
Defensive stocks turned in a weak performance Tuesday. Shares of both Roche and Novartis declined by 0.5%. Nestle was temporarily halted during the session and finished lower by 0.4%. Shares of Swisscom also fell by 0.6%.
Lonza suffered one of the largest declines Tuesday, with a loss of 3.3%. The stock was downgraded by Merrill Lynch to a "Neutral." Other notable downsiders among the cyclicals were Logitech, with a loss of 1.6%, Nobel Biocare which fell by 1.7% and Sonova finished down by 0.7%.
Financial stocks also finished largely to the downside Tuesday. Shares of the big banks, UBS and Credit Suisse, fell by 0.6% and 0.4% respectively. Insurers had mixed results Tuesday, with gains of 0.6% for Baloise and of 1.0% for Swiss Life and losses of 1.8% from Swiss Re and of 0.4% for ZFS.
by RTT Staff Writer
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