The Swiss stock market closed to the downside again on Wednesday. The market has been pulling back slightly since the beginning of the trading week. The SMI began the session with gains, but was unable to hold on to them in the afternoon.
Trading was relatively quiet again on Wednesday. Momentum has been lacking on both the corporate and economic sides. Overall, trading this week has seen a consolidation in the stock market after the strong growth in March.
The Swiss Market Index dipped by 0.10 percent Wednesday and finished at 6,290.00. The Swiss Leader Index fell by 0.13 percent and the Swiss Performance Index lost 0.12 percent.
Bank stocks continued to be weak on Wednesday. Shares of UBS fell by 0.07 percent and Credit Suisse dropped by 0.8 percent. Julius Baer managed a gain of 1.0 percent. Insurance stocks performed better today. Swiss Re gained 0.8 percent and Swiss Life increased by 0.9 percent.
The defensive heavyweights all finished with slight gains Wednesday. Roche, Novartis and Nestle each closed higher by 0.2 percent.
by RTT Staff Writer
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