BRUSSELS (dpa-AFX) - The Swiss stock market opened slightly lower Wednesday, but then quickly climbed above the 8,900 point level and remained in positive territory until the afternoon. The market pared its gains and eventually slipped into the red after the weak open on Wall Street.
The U.S. markets struggled following the release of the disappointing U.S. retail sales report. Investors also remain concerned after yesterday's announcement that Mike Pompeo will succeed Rex Tillerson as U.S. Secretary of State.
The Swiss Market Index decreased by 0.13 percent Wednesday and finished at 8,869.33. The Swiss Leader Index dropped 0.23 percent and the Swiss Performance Index lost 0.11 percent.
Givaudan declined 2.7 percent after some cautious statements by German competitor Symrise in connection with the rising cost of raw materials.
Swatch weakened by 2.4 percent as the company held its annual press conference. Richemont also fell 1.1 percent.
Aryzta tumbled 2.3 percent and Vifor Pharma surrendered 2.1 percent. Vifor will report full year results on Thursday.
Dufry climbed 0.9 percent ahead of its financial report Thursday.
Adecco advanced 0.8 percent, Lonza rose 0.7 percent and Logitech added 0.5 percent. Geberit also finished higher by 0.6 percent.
Among the index heavyweights, Novartis increased 0.2 percent and Nestlé added 0.1. Meanwhile Roche closed unchanged.
Swisscom rose 0.1 percent after JPMorgan raised its price target on the stock, but maintained its 'Underweight' rating.
UBS dipped 0.2 percent and Credit Suisse fell 0.5 percent.
Copyright RTT News/dpa-AFX