The Swiss stock market traded in positive territory for the majority of Tuesday’s session, but slipped into the red just before the close. Despite, the negative finish, the market managed to remain above 9,000 points. The weak performance by index heavyweight Roche and the bank stocks pressured the market in late trade.
Early gains were driven by the record setting performance on Wall Street on Monday. However, the market pared its early gains in the afternoon due to the drop in crude oil prices.
The Swiss Market Index decreased by 0.07 percent Tuesday and finished at 9,023.55. The Swiss Leader Index dropped 0.34 percent and the Swiss Performance Index lost 0.16 percent.
Novartis climbed 0.8 percent after its eye drug RTH258 (brolucizumab) met the primary and key secondary endpoints in two Phase III studies.
Meanwhile, Roche weakened by 0.9 percent. Exane BNP Paribas downgraded its rating on the stock to “Neutral” from “Outperform.”
Nestlé gained 0.7 percent. The stock reached a new all-time high during the trading day. The food giant announced that it has acquired a stake in U.S. company Freshly.
Clariant increased by 0.5 percent after Société Générale upgraded its rating on the stock to “Buy” from “Hold.”
Swiss Re gained 1.0 percent after Deutsche Bank rated the stock a “Buy.” Swiss Life advanced 0.6 percent and Zurich Insurance added 0.2 percent. However, Baloise dropped 0.8 percent.
Banking stocks struggled on Tuesday. UBS and Credit Suisse surrendered 1.1 percent each and Julius Baer lost 0.7 percent.
LafargeHolcim declined 1.4 percent, Dufry fell 1.2 percent and ABB lost 1.1 percent. Lindt & Sprüngli decreased 0.8 percent, while Sika and Adecco forfeited 0.7 percent each.
by RTT Staff Writer
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