BRUSSELS (dpa-AFX) - The Swiss stock market pulled back Tuesday, along with the rest of Europe and slipped back below the 9,000 point level. The market got off to a positive start this morning, but turned lower following the weak open of the U.S. markets. The weak performance of Novartis also weighed on the overall market.
Investors are hesitant to take positions ahead of the European Central Bank meeting on Thursday and the release of the U.S. employment report on Friday. Following the recent upward trend, investors are taking an opportunity to take profits.
The Swiss Market Index dropped by 1.12 percent Tuesday and finished at 8,954.68. The Swiss Leader Index declined by 0.81 percent and the Swiss Performance Index lost 0.51 percent.
Index heavyweight Novartis sank by 3.1 percent Tuesday, as the stock began trading ex-dividend. The rest of the heavyweights also finished in the red. Roche fell by 0.4 percent and Nestle lost 0.3 percent.
Swatch declined by 2.5 percent, after it introduced its Touch Zero One SmartWatch. Syngenta fell by 2.2 percent, after Exane BNP downgraded its rating on the stock to 'Underperform' and reduced its price target.
Geberit, ABB and Julius Baer all fell by around 1.3 percent and Actelion, Adecco and Credit Suisse lost around 1.2 percent.
Transocean was among the top gainers Tuesday, with an increase of 4.5 percent. The stock added to its gains from the previous session. Swiss Life and UBS both climbed by 0.4 percent and Sonova added 0.2 percent.
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