The Swiss stock market ended Tuesday's session solidly in negative territory. The market extended yesterday's weakness, after the Greek "No" vote on Sunday's referendum. Growing concerns about a possible withdrawal of Greece from the euro zone, or "Grexit," continued to weigh on investor sentiment today.
European finance ministers are meeting today as part of a last-ditch effort to reach a new bailout agreement. New Greek Finance Euclid Tsakalotos has yet to present the Euro-leaders with a new proposal, as many had expected would have already taken place. Investors are waiting eagerly to hear what develops as the negotiations begin anew.
The Swiss Market Index declined by 1.11 percent Tuesday and finished at 8,764.11. The Swiss Leader Index dropped by 1.29 percent and the Swiss Performance Index lost 1.11 percent.
Aryzta sank by 4.6 percent, after Societe Generale downgraded its rating on the stock to "Hold" from "Buy." ABB also weakened by 2.0 percent, after JPMorgan lowered its price target on the stock.
Swatch decreased by 2.8 percent. The watch company has had its price target lowered by Bernstein, JPMorgan, Merrill Lynch and Citigroup, due to continued weak demand in Hong Kong and Macau. Shares of competitor Richemont also declined by 2.1 percent.
Lonza climbed by 1.5 percent, after Kepler Capital Markets upgraded its rating on the stock to "Hold." Holcim fell by 1.3 percent, despite an upgrade by Bank of America Merrill Lynch to "Buy."
Financial stocks remained under pressure due to the continued concerns over Greece. UBS decreased by 1.0 percent and Credit Suisse lost 0.9 percent.
The index heavyweights all finished to the downside Tuesday, pressuring the overall market. Novartis declined by 0.6 percent and Nestlé lost 0.3 percent. Shares of Roche also dropped by 2.0 percent.
Newcomer Cassiopea was among the bright spots Tuesday, with a gain of 1.9 percent.
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