BRUSSELS (dpa-AFX) - The Swiss stock market declined Thursday, adding to the losses of the previous session. The pharmaceutical stocks were under pressure due to comments made by U.S. President-elect Donald Trump during his press conference Wednesday. Trump called for new bidding procedures for the drug industry in order to lower prices, claiming the companies are 'getting away with murder.'
Investors were also disappointed that Trump failed to provide any details regarding his plans to stimulate economic policy. Meanwhile, luxury goods companies jumped after a strong report from Richemont.
The Swiss Market Index decreased by 0.62 percent Thursday and finished at 8,375.02. The Swiss Leader Index dropped 0.28 percent and the Swiss Performance Index weakened by 0.58 percent.
Novartis declined 2.2 percent and Roche surrendered 2.0 percent. Shares of Galenica also forfeited 2.3 percent. Lonza decreased 1.0 percent and Sonova lost 0.6 percent.
Shares of Actelion finished higher by 0.1 percent. Negotiations on a potential takeover of the company by U.S. company Johnson & Johnson are ongoing. A deal could reportedly be reached this month.
Credit Suisse dropped 2.4 percent Thursday and UBS slipped 0.3 percent. Societe Generale upgraded its rating on UBS to 'Buy' from 'Hold,' but the bank maintained its 'Sell' rating on shares of Credit Suisse. Zurich Insurance also fell 1.4 percent after Societe Generale downgraded its rating on the stock to 'Sell' from 'Neutral.'
Richemont surged 8.6 percent after the luxury goods group posted 6 percent growth in third-quarter sales from the previous year. Shares of rival Swatch also jumped 5.5 percent.
Adecco climbed 0.6 percent after Deutsche Bank upgraded its rating on the stock to 'Hold' from 'Sell.'
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