The Swiss Stock Market Pulled Back On Pharma Weakness
(RTTNews) - The Swiss stock market ended Wednesday's session with a modest decrease. This was the first negative close that the market has had since the start of 2017. The weak performance of the pharma heavyweights dragged the market lower.
Investors were in a cautious mood ahead of today's press conference by U.S. President-elect Donald Trump. It is the first press conference that Trump has held since his surprise victory in the U.S. Presidential election. Global economic data was also on the light side Wednesday, which also kept investors on the sidelines.
The Swiss Market Index decreased by 0.26 percent Wednesday and finished at 8,427.15. The Swiss Leader Index rose 0.03 percent, but the Swiss Performance Index lost 0.20 percent.
The pharma heavyweights turned in a weak performance Wednesday. Novartis dropped 1.3 percent and Roche fell 1.1 percent. Credit Suisse reduced its rating on shares of Novartis to "Neutral." Shares of Actelion also surrendered 1.2 percent.
The third index heavyweight, Nestle, ended the session unchanged.
Dufry was among the best performing stocks of the session, with a gain of 2.7 percent. Shares of ABB climbed 2.2 percent after Merrill Lynch upgraded its rating on the stock to "Buy" from "Neutral."
Syngenta increased 1.8 percent and Lonza added 1.2 percent. Credit Suisse raised its price target on shares of Lonza. Sika finished higher by 0.5 percent after it announced a small takeover in Austria.