The Swiss stock market pulled back on Wednesday, following the recovery during the previous two trading sessions. The market began the session in the red, with weakness among financial stocks. The market recovered some ground in the afternoon, largely due to the increase in shares of Roche.
There was little economic news today that had the ability to alter the direction of the market. Investors were concerned about the banking sector in Spain, after the country reported its figures on bad loans. Thursday's Spanish bond auction will no doubt be in focus.
The Swiss Market Index fell by 0.43 percent Wednesday and finished at 6,173.35. The Swiss Leader Index dropped by 0.73 percent and the Swiss Performance Index lost 0.37 percent.
Shares of Roche climbed in after afternoon and ended the session higher by 1.0 percent. The company announced that it would not renew its tender offer for U.S. biotech Illumina.
Julius Baer was the largest decliner among the bank stocks Wednesday, with a loss of 2.9 percent. UBS declined by 2.6 percent and Credit Suisse fell by 1.6 percent.
by RTT Staff Writer
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