The Swiss Stock Market Finished With A Significant Loss

(RTTNews) - The Swiss stock market ended Wednesday's session with a large decrease, extending its weakness from the previous trading day. The market got off to a weak start, but recovered ground around midday on the better than expected PMI in the euro zone.

The market turned decidedly lower in the afternoon, on the weak performance of the U.S. equity markets. The disappointing U.S. private sector employment report weighed on investor sentiment. The report is considered an important indicator of the U.S. employment report, which will be released on Friday.

The Swiss Market Index dropped by 1.50 percent Wednesday and finished at 8,888.92. The Swiss Leader Index declined by 1.48 percent and the Swiss Performance Index lost 1.41 percent.

Swisscom decreased by 1.0 percent, largely on profit taking. The telecom company exceeded quarterly earnings expectations and confirmed its forecast for the current fiscal year.

The index heavyweights all finished solidly in the red Wednesday. Nestle and Novartis both dropped by 1.5 percent. Shares of Roche also fell by 1.7 percent.

UBS ended Wednesday's session lower by 2.6 percent, as investors took profits following yesterday's strong gains. Credit Suisse fell by 1.2 percent and Julius Baer lost 2.8 percent.

Kepler Cheuvreux downgraded its rating on shares of Actelion to "Hold." The stock finished with a loss of 2.7 percent. Lonza was among the largest decliners, falling by 3.7 percent. Sika and Galenica both weakened by 3.0 percent and Holcim lost 2.5 percent.

Baloise increased by 1.0 percent. Berenberg upgraded its rating on the stock to "Buy" and raised its price target on the stock. Dufry gained 0.4 percent, after Kepler Cheuvreux added the stock to its Swiss "Top Picks" list.