The Swiss stock markets finished to the downside on Tuesday. The market was rather directionless today, due to a lack of any significant news. The trading day was also rather quiet, due in part to the shortened trading week.
The Swiss Market Index fell by 0.65 percent Tuesday and closed at 6,258.66. The Swiss Leader Index declined by 0.62 percent and the Swiss Performance Index lost 0.52 percent.
The index heavyweights all closed lower Tuesday. Novartis and Roche both fell by 0.4 percent and Nestle lost 0.7 percent. Roche was impacted by news from its attempt to acquire U.S. company Illumina. Illumina sent a letter to its shareholders urging them to reject the Roche takeover bid, calling it a grossly inadequate price.
Bank stocks were weak Tuesday. UBS fell by 2.0 percent, Credit Suisse declined by 1.7 percent and Julius Baer dropped by 1.3 percent. Insurance stocks were modestly higher, with the exception of ZFS, which lost 0.9 percent. Baloise climbed by 1.5 percent, Swiss Life gained 0.6 percent and Swiss Re closed up by 0.1 percent.
Cyclical stocks were mixed during Tuesday's session. Holcim fell by 1.7 percent, Adecco declined by 0.9 percent and Schindler dipped by 0.5 percent. Lonza climbed by 1.61 percent after the company elected Richard Ridinger as its new chief executive officer. Kuehne + Nagel climbed by 0.4 percent and Sonova gained 0.7 percent.
by RTT Staff Writer
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