BRUSSELS (dpa-AFX) - The Swiss stock market ended the first session of the new trading week with a modest loss. A lack of economic data kept some investors on the sidelines, while the closure of the UK markets for a holiday also lead to some light trading.
Traders are waiting to see the full extent of the damage caused by Hurricane Harvey in Texas. The heavy rains has caused flooding that has hampered the refining capabilities of the Houston area. The news had a negative impact on shares of energy stocks Monday.
The Swiss Market Index decreased by 0.47 percent Monday and finished at 8,864.23. The Swiss Leader Index fell 0.48 percent and the Swiss Performance Index lost 0.52 percent.
The weak performance by index heavyweight Novartis weighed on the overall market at the start of the trading week. The stock dropped 1.0 percent Monday. Study results for its new heart medication Ilaris showed that it reduced the risk of heart attacks, but also increased the risk for patients to die from infection.
Roche also dipped 0.1 percent. The company received approval from the U.S. FDA has granted priority review to its Gazyva drug, for the treatment of lymph gland cancer.
SGS declined 0.9 percent due to the Hurricane in Texas. The company is active in the oil and gas sector. Insurance stocks were also under pressure due to the hurricane. Zurich Insurance weakened by 0.7 percent and Swiss Re decreased 1.0 percent.
UBS fell 0.4 percent and Credit Suisse forfeited 0.5 percent.. Julius Baer also finished lower by 0.2 percent.
Aryzta gained 0.8 percent after the appointment of Kevin Toland as its new CEO.
Richemont rose 0.3 percent, adding to its gains from the previous week.
Copyright RTT News/dpa-AFX