The Swiss Stock Market Finished Unchanged At The Start Of The Week

(RTTNews) - The Swiss stock market ended the first session of the new trading week virtually unchanged from last Friday's closing price. The market got off to a positive start following the release of the better than expected Germany business sentiment report. However, the market pared its gains in the afternoon.

The weak opening of the U.S. markets weighed on the Swiss market. Investors also turned cautious ahead of the Bank of Japan and Federal Reserve policy meetings later this week.

The Swiss Market Index decreased 0.32 percent Monday and finished at 8,194.41. The Swiss Leader Index climbed 0.15 percent and the Swiss Performance Index added 0.01 percent.

Julius Baer was the top performing stock of the session, with a gain of 2.9 percent. The private banking group reported an increase in its first-half profit and its assets under management also rose more than forecast.

Credit Suisse increased 1.1 percent and UBS rose 1.0 percent. The two big banks will report their half year results at the end of the week.

LafargeHolcim advanced 0.6 percent. The cement giant has signed a pact with Siam City Cement Public Company Limited for the divestment of its interest in Holcim Lanka for an enterprise value of $400 million.

The weak performance of the pharma heavyweights weighed on the overall market Monday. Novartis decreased 0.2 percent and Roche fell 0.4 percent. Shares of Nestle ended the session unchanged.

Galenica weakened by 1.3 percent. The stock sank 11 percent last week Thursday, after the company made an acquisition.

In the broad market, Tornos fell 2.4 percent after a profit warning. Leonteq dropped about 10 percent, even after its unexpectedly strong half-year results last week, which had provided a boost to the stock.