Swiss Stocks Slide On Rough Day For Roche

(RTTNews) - Swiss stocks declined Friday as Roche suffered its worst daily losses in a while when two of its highly anticipated drugs failed clinical trials.

The Swiss Market Index lost 0.41 percent to 8,976.24, staying away from a 7-year peak near 9,200 seen earlier this month.

Stocks failed to carry over positive momentum from the previous session, when the Swiss National Bank cut interest rates below zero.

Friday was an awful day for Roche, as shares tumbled 6.3 percent. A breast cancer drug failed clinical trials, as did an Alzheimer's drug.

Meanwhile, the drug maker agreed to pay up to $489 million to acquire Austrian biotech company Dutalys.

Roche rival Novartis shares rose 1 percent.

Nestle said it plans to open a Nescafe Dolce Gusto factory in Southeast Brazil next year. Shares rose 1.2 percent.

Syngenta was up for a second day, as China approved a new strain of corn.

UBS was flat, while rival big banks Credit Suisse and Novartis posted nice gains.