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The Swiss Stock Market Was Weighed Down By Its Defensive Heavyweights

The Swiss stock markets finished slightly lower Wednesday, largely due to the negative performance of its most heavily weighted defensive stocks. Financial stocks, especially those of the major banks, performed much better than they have recently.

The better than expected earnings report by U.S. company Alcoa Tuesday evening got the markets into a positive mood. Statements made by Benoît Coeuré, a Board Member of the European Central Bank, also seemed to ease concerns over Spain.

The Swiss Market Index dipped by 0.03 percent Wednesday and closed at 6,059.82. The Swiss Leader Index climbed by 0.21 percent and the Swiss Performance Index gained 0.04 percent.

The defensive heavyweights all finished to the downside Wednesday. Roche and Novartis fell by 0.4 percent and 0.3 percent respectively. Nestle also declined by 0.4 percent.

Shares of Givaudan surged by 3.7 percent. The fragrance and flavor company reported a sales increase of 4.7%, which exceeded analysts' expectations. Givaudan is optimistic for the rest of the year and reaffirmed its outlook.

by RTTNews Staff Writer

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