The Swiss stock market finished in the red on Wednesday. The market traded to the upside briefly this morning, before reversing direction. The market remained in the red throughout the remainder of the session, largely moving sideways following its initial turn to the downside.
The news from Athens, that Antonis Samaras was named the new head of the Greek government, had little effect on the Swiss market. The result of the G20 meeting was seen as disappointing, with no resolution to the current uncertainty in the Eurozone. Investors are eagerly awaiting the announcement from the 2-day FOMC meeting in the United States later today.
The Swiss Market Index fell by 0.27 percent Wednesday and closed at 6,017.91. The Swiss Leader Index rose by 0.12 percent, while the Swiss Performance Index lost 0.11 percent.
All of the defensive heavyweights finished to the downside Wednesday. Novartis fell by 0.4 percent and Roche declined by 0.3 percent. Shares of Nestle ended the session lower by 1.0 percent.
Swiss Life was one of the big winners on Wednesday, closing higher by 6.09 percent. The stock was upgraded to "Buy" from "Neutral" at UBS. Shares of Holcim also gained 1.28 percent, after Berenberg upgraded the stock to "Buy" from "Sell."
by RTT Staff Writer
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