The Swiss stock market looked like it was going to recover from the sharp losses of the previous day at the start of Tuesday's session. The announcement in the afternoon, that Greece will now have to endure a new round of elections, turned the market around. Financials and cyclicals led the market lower.
A final round of talks among leaders in Athens has failed to produce a coalition government. As a result, the country will now need to hold a new round of elections.
The Swiss Market Index fell by 0.18 percent and closed at 5,865.16. The Swiss Leader Index declined by 0.34 percent and the Swiss Performance Index lost 0.30 percent.
Julius Baer was among the largest decliners Tuesday, with a loss of 6.1 percent. Several analysts have announced plans to reduce their estimates on the stock after the publication of the company's Business Update. Credit Suisse also lost 1.1 percent and UBS fell by 0.5 percent.
Clariant was one of the weakest performers among the cyclicals, with a loss of 2.4 percent. Lonza declined by 1.9 percent and Nobel Biocare fell by 1.6 percent.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org