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The Swiss Stock Market Slid Further As Index Heavyweights Fall

The Swiss stock market ended Thursday's session with a small loss, extending the losses from the previous session. The market had reached a new all-time high on Tuesday.

The weak performance of the index heavyweights pressured the overall market. Traders also reacted to the minutes from the most recent meeting of the European Central Bank. The minutes showed that the ECB could change the tone of its monetary policy communication early this year to reflect the improvement in growth prospects.

The Swiss Market Index decreased by 0.22 percent Thursday and finished at 9,503.85. The Swiss Leader Index climbed 0.02 percent and the Swiss Performance Index dropped 0.21 percent.

Nestlé fell 1.0 percent after UBS downgraded its rating on the stock to "Neutral" from "Buy." Novartis declined 0.6 percent and Roche lost 1.1 percent.

Sonova dropped 1.4 percent. Citigroup has resumed coverage of the stock and has rated it a "Sell."

Clariant weakened by 0.7 percent after Merrill Lynch downgraded its rating on the stock to "Neutral" from "Buy."

Credit Suisse climbed 1.8 percent after Natixis upgraded its rating on the stock to "Buy" from "Neutral."

Richemont rose 0.6 percent after it posted 1 percent growth in third-quarter sales, despite weakness in Europe and Japan.

LafargeHolcim increased 1.3 percent and Zurich Insurance gained 1.0 percent.

by RTTNews Staff Writer

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