The Swiss Stock Market Finished Nearly Unchanged Amidst Uncertainty

(RTTNews) - The Swiss stock market ended Wednesday's session with a very slight gain, little changed overall on the day. Following the sharp pull back yesterday, the Swiss market staged a recovery in early trade today. However, those early gains quickly eroded.

Economic data from the United States proved mixed in the afternoon, contributing to the fluctuations in the Swiss market's performance. U.S. private sector employment came in slightly weaker than expected, but labor productivity jumped. Factory orders also rose by much less than expected in July.

Investors have been mired in uncertainty of late. Traders remain concerned over the slowdown in China and the prospect that the U.S. Federal Reserve may soon begin to raise interest rates is also a source of anxiety. Investors will be watching for any developments at tomorrow's ECB meeting.

The Swiss Market Index rose by 0.06 percent Wednesday and finished at 8,626.34. The intraday high was 8,715 points. The Swiss Leader Index gained 0.18 percent and the Swiss Performance Index added 0.07 percent.

Galenica was the top performing stock of the day, with an increase of 2.8 percent. Adecco climbed by 1.7 percent and Actelion rose by 1.3 percent.

Swatch advanced by 1.1 percent and Richemont added 1.0 percent. HSBC confirmed its "Buy" ratings on the luxury goods companies.

UBS and Credit Suisse both increased by 0.2 percent each Wednesday. Morgan Stanley has confirmed its "Overweight" rating on both stocks.

Nestle was the lone index heavyweight to finish in the green. The stock advanced by 0.3 percent. Roche and Novartis both ended the session down by 0.1 percent each.

Transocean dropped by 3.5 percent. Energy stocks came under pressure after a U.S. government report showed that U.S. crude inventories increased more than expected.

Syngenta declined by 1.5 percent and ABB lost 1.3 percent. Swisscom decreased by 0.4 percent after Merrill Lynch downgraded its rating on the stock to "Neutral" from "Buy."