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The Swiss Stock Market Pared Early Gains After Disappointing U.S. ISM Report

12/3/2012 12:36 PM ET

The Swiss stock market began the new trading week with a strong start. The market climbed to a new annual high of 6,874.04 in early trade on the strength of positive Chinese manufacturing data and the news that Greece has offered to buy back as much as 10 billion Euros of its debt.

However, the mood among investors soured in the afternoon, following the release of the disappointing U.S. ISM manufacturing data. The index unexpectedly fell to 49.5 in November from 51.7 in October. Economists had expected the index to come in unchanged from the previous month.

The Swiss Market Index increased by 0.27 percent and finished at 6,838.70. The Swiss Leader Index climbed by 0.31 percent and the Swiss Performance Index gained 0.23 percent.

Swiss Life was among the largest decliners Monday, falling by 2.42 percent. Merrill Lynch downgraded the stock to ''Underperform'' from ''Neutral.'' Aryzta fell by 0.32 percent, after the bakery business reported a 9 percent growth in revenue for the first quarter, benefiting from positive currency translation effect.

Cyclicals were among the best performers at the start of the new trading week. Sika rose by 1.3 percent and Lonza added 1.3 percent. Geberit gained 1.0 percent and SGS climbed by 1.2 percent. Novartis was the top performers among the defensive heavyweights, with a gain of 0.5 percent. Nestle increased by 0.2 percent, while Roche lost 0.2 percent.

by RTT Staff Writer

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