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The Swiss Stock Market Retreated From The Highs Of The Year

The Swiss stock market has been on a tear of late, which brought the market to a new high for the year earlier this week. However, the market ran out of steam on Thursday and finished in the day in the red.

Investors were in a cautious mood as they continue to monitor the developments in Spain, following Catalonia's independence vote. Investors are also awaiting the release of the U.S. jobs report for September on Friday.

The Swiss Market Index decreased by 0.23 percent Thursday and finished at 9,262.66. The Swiss Leader Index dropped 0.04 percent and the Swiss Performance Index lost 0.18 percent.

The weak performance of the index heavyweights pressured the overall market Thursday. Roche declined 0.7 percent, Novartis dropped 0.6 percent and Nestlé surrendered 0.4 percent.

Swatch weakened by 1.4 percent and Sika surrendered 1.3 percent. UBS downgraded its rating on shares of Sika to "Neutral" from "Buy." Lonza and Sonova, decreased by 1.1 percent and 0.7 percent, respectively.

by RTT Staff Writer

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