BRUSSELS (dpa-AFX) - The Swiss stock market dropped again Friday and ended the week in negative territory. After a weak start, the market staged a recovery in the early afternoon. However, retreated again ahead of the weekend.
Trade war concerns sent investors fleeing to safe havens at the end of the trading week, after yesterday's declaration from U.S. President Trump. Trump signed an executive memorandum imposing tariffs on at least $50 billion in Chinese imports. Meanwhile, Beijing has outlined plans to introduce tariffs on U.S. imports.
The Swiss Market Index decreased by 0.80 percent Friday and finished at 8,569.08. The SMI ended the trading week with an overall loss of 3.5 percent. The Swiss Leader Index dropped 0.79 percent Friday and the Swiss Performance Index lost 0.77 percent.
Travel retailer Dufry weakened by 1.8 percent and at troubled bakery manufacturer Aryzta surrendered 1.6 percent. Zurich Insurance dropped 1.6 percent and Partners Group fell 1.5 percent. Swatch decreased 1.2 percent and Richemont lost 0.9 percent.
Credit Suisse finished lower by 1.4 percent and UBS forfeited 0.7 percent. Credit Suisse announced that proposed total compensation for CEO Tidjane Thiam for 2017 would be 9.70 million Swiss francs, 5 percent lower than the prior year.
Index heavyweight Novartis declined 1.4 percent. The company plans to file siponimod for US approval in early 2018 after its phase III study showed that it significantly improves outcomes in patients with secondary progressive multiple sclerosis.
Nestlé closed lower by 0.5 percent and Roche slid 0.2 percent.
In the broad market, Interroll sank 10 percent. The warehouse logistics company reported a profit increase for the fiscal year 2017, but margins fell due to higher investments and R & D costs.
Copyright RTT News/dpa-AFX