The Swiss stock market began the trading week much the same way it performed last week, to the downside. News that the Spanish economy slipped into recession in the first quarter weighed on the rest of Europe. Ratings agency Standard & Poor's also downgraded a number of Spanish banks, which weighed on the rest of the European banks.
Trade in the Swiss market was rather choppy on Monday. The market got off to a positive start, before sliding into the red. The better than expected U.S. personal income and spending report helped to bring the market back into the green in the afternoon. The weaker than expected Chicago PMI result later in the afternoon helped to bring the market back into the red.
The Swiss Market Index fell by 0.33 percent Monday and closed at 6,096.34. The Swiss Leader Index dipped by 0.50 percent and the Swiss Performance Index closed lower by 0.12 percent.
Shares of Actelion surged by 13.6 percent Monday. The company announced that its drug macitentan, intended to treat pulmonary arterial hypertension, met primary endpoint in a pivotal phase 3 study.
Among the financial stocks, Credit Suisse declined by 2.0 percent and UBS dropped by 1.8 percent. Swiss Life fell by 1.5 percent and Baloise lost 1.3 percent.
by RTT Staff Writer
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