The Swiss stock market closed to the downside again Wednesday, extending modest losses from the previous session. Today's trading session was rather subdued, with low trading volume. Weakness in financial stocks and disappointing U.S. economic results also contributed to the negative mood.
The U.S. reported a lower than expected increase in durable goods orders for the month of February this afternoon. Financial stocks were under pressure early Wednesday, following the disappointing U.K. GDP report for the fourth quarter.
The Swiss Market Index fell by 0.30 percent Wednesday and finished at 6,250.43. The Swiss Leader Index closed down by 0.53 percent and the Swiss Performance Index dipped by 0.40 percent.
UBS fell by 1.5 percent Wednesday and Julius Baer declined by 0.8 percent. Credit Suisse managed a modest gain of 0.1 percent. Insurance stocks were also weak today. Swiss Re dropped by 0.8 percent, dragged lower by a study which came to the conclusion that the 2011 accident year is the second most expensive in history.
Shares of Nestle declined by 0.40 percent after UBS downgraded its rating on the stock to "Neutral" from "Buy." Roche finished the session higher by 0.9 percent and Novartis closed unchanged.
by RTT Staff Writer
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