Swiss Stocks Slump But Julius Baer Extends Rally On Upgrade

(RTTNews) - Swiss stocks edged lower on Friday, trimming recent gains despite a strong showing from lender Julius Baer.

The Swiss Market Index slipped 0.52 percent to 8,788.77, but remains up more than 9 percent year-to-date.

Julius Baer jumped 2.6 percent in Zurich, extending recent gains. The stock was raised to "Buy" from "Neutral."

Credit Suisse and Julius Baer held talks about a possible merger, Swiss newspaper SonntagsZeitung reported earlier this week, citing people it didn't identify.

Credit Suisse lost 2.6 percent.

ABB is partnering with China's BYD to develop energy storage. ABB slipped 0.7 percent.

Bellevue Group is buying Adamant Biomedical Investments AG from Zuercher Kantonalbank for an undisclosed price. Bellevue rose 4.6 percent.

Givaudan said it appointed Maurizio Volpi as the head of its fragrance business. Shares eased 0.6 percent.