The Swiss stock market finished weaker on Monday, following the results of the French and Greek elections over the weekend. The market managed to recover from the session lows, but was unable to make it into positive territory, largely due to weakness in shares of Roche.
Investors remained cautious due to the uncertainty about the European debt crisis after the elections. The situation in Greece is currently seen as a greater risk than France.
The Swiss Market Index declined by 0.27 percent Monday and finished at 6,040.18. The Swiss Leader Index dipped by 0.02 percent and the Swiss Performance Index fell by 0.16 percent.
Shares of index heavyweight Roche dropped by 3.5 percent Monday. The pharmaceutical company surprisingly announced that it has stopped a study of dalcetrapib, due to disappointing results. The drug was expected to have a sales potential of several billion francs.
Novartis climbed by 0.6 percent. The company said results from a late-stage study showed its pasireotide LAR (long-acting release) to be more effective than the current standard medical therapy in patients with acromegaly - a rare hormonal disorder. The study met its primary endpoint.
by RTT Staff Writer
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