(RTTNews.com) – The Swiss stock market got off to a weak start Friday and slipped further in early trade, before settling into a sideways trend. Investors were in a nervous mood ahead of the Italian referendum this weekend. However, the market pared its losses following the release of the U.S. jobs report and managed to break through into positive territory just before the close of trade.
Traders will be paying attention to the results of the Italian constitutional referendum on Sunday. Italian Prime Minister Matteo Renzi
has pledged to resign in the event of a “no vote” on the referendum. The latest opinion polls show a notable lead for the ‘no’ vote camp.
The Swiss Market Index increased by 0.06 percent Friday and finished at 7,784.01. The SMI ended the trading week with an overall decrease of 1.2 percent. The Swiss Leader Index dropped 0.07 percent and the Swiss Performance Index dipped 0.02 percent.
Index heavyweight Nestlé gained 1.0 percent. Goldman Sachs confirmed its “Buy” recommendation on the stock.
Swiss Re rose 0.60 percent after the reinsurer reiterated its commitment to achieve the individual Business Units’ return on equity and its two Group financial targets over the cycle.
Syngenta was also among the gainers, with an increase of 0.9 percent. Givaudan advanced 0.7 percent and Swisscom added 0.4 percent. Swatch climbed 0.3 percent and Richemont finished up by 0.2 percent.
Bank stocks were under pressure ahead of the Italian referendum. Credit Suisse weakened by 2.0 percent and UBS dropped 1.7 percent.
Schindler declined 1.2 percent and Dufry dropped 1.0 percent. Clariant and Galenica both forfeited 0.8 percent.
Index heavyweight Roche surrendered 0.7 percent and Novartis fell 0.2 percent.
In the broad market, Barry Callebaut dropped 2.4 percent after Goldman Sachs downgraded its rating on the stock to “Sell.”
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Plantations International