BRUSSELS (dpa-AFX) - The Swiss stock market ended Friday's session in the red, but finished off its session low. The market began to regain ground in the afternoon, thanks largely to the rebound in pharmaceutical stocks. However, cyclical stocks were among the weakest performers. Shares of Syngenta were in focus due to takeover rumors.
Investor concerns over a potential interest rate increase by the Federal Reserve in December continues to weigh on sentiment. U.S. economic data was mixed Friday. Retail sales and the producer price index came in weaker than expected, but consumer sentiment was better than anticipated.
The Swiss Market Index decreased 0.76 percent Friday and finished at 8,749.84. The intraday lower was just below the 8,700 point level. The SMI ended the trading week with an overall loss of 2.5 percent. The Swiss Leader Index dropped 0.71 percent and the Swiss Performance Index lost 0.68 percent.
Syngenta was the top gainer of the session, with an increase of 5.3 percent. At its intraday high, the stock was up 11 percent. The agricultural chemical producer jumped on reports that ChemChina has offered to acquire the company.
Cyclicals were among the weakest performing stocks. LafargeHolcim dropped 2.4 percent, Adecco fell 2.4 percent and Transocean lost 2.1 percent. Richemont declined 3.2 percent and Swatch surrendered 2.8 percent, due to continued concerns over China.
Nestlé was the weakest of the index heavyweights, with a decreased of 1.5 percent. Novartis fell 0.6 percent and Roche dipped 0.1 percent.
Financial stocks were also under pressure Friday. UBS slipped 0.3 percent and Credit Suisse tumbled 0.8 percent. Zurich Insurance surrendered 1.2 percent and Swiss Re weakened by 0.8 percent.
Copyright RTT News/dpa-AFX