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The Swiss Stock Market Closed Lower Thursday As Investors Exited Defensive Plays

5/10/2012 12:57 PM ET

The Swiss stock market finished in negative territory on Thursday, on light trading volume. The market fell below the 5,900 mark at one point today, but managed to recover later in the day.

Concerns over the situation in Greece, as well as in Spain persisted on Thursday. The announcement of the partial nationalization of the fourth-biggest Spanish bank helped to reduce some of the uncertainty surrounding that country. The economic data released by the U.S. in the afternoon provided little stimulus.

The Swiss Market Index fell by 0.16 percent Thursday and closed at 5,926.60. The Swiss Leader Index climbed by 0.08 percent and the Swiss Performance Index declined by 0.08 percent.

Investors sold out of defensive plays, which had an impact on the index heavyweights. Novartis declined by 0.6 percent and Roche fell by 0.5 percent. Shares of Nestle decreased by 0.4 percent.

Financial stocks turned in strong performances Thursday, particularly shares of the big banks. UBS climbed by 3.4 percent and Credit Suisse gained 2.9 percent. Julius Baer ended the session higher by 1.8 percent.

by RTT Staff Writer

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