(RTTNews.com) – The Swiss stock market got off to a weak start Tuesday, but pared its losses in early trade. The market remained in a sideways trend just below the flat line for much of the session, but broke out into the green in late trade.
Investors were in a nervous mood Tuesday. The OPEC meeting on Wednesday, the U.S. employment report on Friday and the Italian referendum this weekend kept many investors on the sidelines. Economic data from Europe was mixed and early action on Wall Street was rather restrained despite better than expected reads on GDP and consumer confidence.
The Swiss Market Index increased 0.28 percent Tuesday and finished at 7,845.01. The Swiss Leader Index climbed 0.68 percent and the Swiss Performance Index added 0.27 percent.
Aryzta increased by 3.7 percent, adding to its gains from the previous session. The stock turned in a volatile performance Monday following its financial report, but ultimately finished higher after management commented on guidance.
The luxury goods companies climbed after it was reported that independent brand Breitling is considering a sale. Swatch climbed 2.5 percent and Richemont added 1.2 percent.
Galenica and Kuehne + Nagel rose by 1.1 percent each, while Adecco and LafargeHolcim each increased by 0.8 percent.
Swiss Life advanced 2.3 percent after a price increase by Kepler Cheuvreux. Bâloise rose 1.0 percent and Swiss Re added 0.7 percent.
Among the banks, Credit Suisse finished up by 0.2 percent and UBS gained 0.5 percent. Julius Baer
ended the session lower by 0.5 percent.
Dufry was among the weakest performing stocks, with a loss of 1.0 percent. Syngenta weakened by 0.9 percent and Sika forfeited 0.3 percent.
Index heavyweight Nestlé dropped 0.4 percent. Berenberg and Liberum both reduced their price targets on the stock. Novartis fell 0.2 percent, but Roche gained 0.2 percent.
For comments and feedback: contact editorial@rttnews.com
Plantations International