The Swiss stock market finished in the red again on Tuesday, as concerns over the situation in Cyprus continued to weigh on investors. The market managed to climb into the positive in the afternoon, following the release of the better than expected U.S. housing data. However late reports that the finance minister of Cyprus resigned and that the ruling party in Cyprus would abstain from the bailout vote dragged the market back into negative territory.
The Swiss Market Index declined by 0.52 percent Tuesday and finished at 7,789.60. The Swiss Leader Index dropped by 1.01 percent and the Swiss Performance Index lost 0.55 percent.
Luxury goods companies were among the weakest performers on Tuesday. Richemont dropped by 4.3 percent, while Swatch lost 3.4 percent. Sonova was another notable decliner, with a loss of 3.1 percent, due to negative comments from Berenberg.
Financial stocks were down again on Tuesday, due to the situation in Cyprus. UBS decreased by 2.9 percent and Credit Suisse fell by 2.6 percent. Julius Baer also finished down by 1.2 percent. Baloise dropped by 1.1 percent after it reported annual results.
The market received some support from the positive performance of the pharmaceutical heavyweights. Novartis increased by 1.1 percent, while Roche climbed by 0.6 percent. However, shares of Nestle fell by 0.4 percent.
by RTT Staff Writer
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