BRUSSELS (dpa-AFX) - The Swiss stock market set a new intraday high for the year in early trade Wednesday, but pared its gains and slipped into negative territory around midday. The market fluctuated between small gains and losses for the rest of the day and ultimately finished in the red.
The positive performance of the financial stocks helped the market to avoid a larger pullback. Bank stocks climbed after Federal Reserve chair nominee Jerome Powell said he favors loosening some bank regulations.
The Swiss Market Index decreased by 0.17 percent Wednesday and finished at 9,304.42. The Swiss Leader Index dropped 0.08 percent and the Swiss Performance Index lost 0.30 percent.
Credit Suisse advanced 1.4 percent and UBS gained 1.1 percent. Credit Suisse will hold its Investor Day event on Thursday.
Swiss Re climbed 1.1 percent, Swiss Life rose 0.8 percent and Zurich Insurance added 0.7 percent. Meanwhile, Baloise dipped 0.1 percent.
Swatch increased 1.1 percent, while rival Richemont fell 0.8 percent.
After a weak start, Clariant ended the day with a gain of 0.2 percent. The stock was under pressure yesterday after investor White Tale stated that they will present their demands directly to shareholders after getting nowhere with company management.
Sonova sank 4.6 percent after Morgan Stanley downgraded its rating on the stock to 'Underweight.'
Logitech dropped 1.8 percent, SGS fell 1.6 percent and Lonza surrendered 1.2 percent.
Among the index heavyweights, Nestlé declined 1.2 percent and Roche slid 0.1 percent. Meanwhile, Novartis ended the day higher by 0.1 percent.
Dufry weakened by 0.3 percent after Baader Helvea said that Chinese company HNA could soon resell its stake in the travel retailer.
Copyright RTT News/dpa-AFX