The Swiss Stock Market Finished With A Substantial Decrease

(RTTNews) - The Swiss stock market ended Thursday's session with a significant loss. Trading volume was thin ahead of the long Easter holiday weekend. The further decline in crude oil prices also contributed to the weak performance Friday.

Investor sentiment was also impacted by concerns that a U.S. interest rate hike could come sooner rather than later. The fears have come about following recent comments made by several Fed officials.

The Swiss Market Index decreased 1.50 percent Thursday and finished at 7,775.58. The Swiss Leader Index dropped 1.54 percent and the Swiss Performance Index lost 1.40 percent.

Credit Suisse was among the weakest performing stocks of the session, with a loss of 3.5 percent. The stock was up yesterday, after the bank announced plans to eliminate an additional 2,000 jobs this year and deepen cuts at its investment bank.

The rest of the financials were also under pressure at the end of the holiday shortened week. UBS fell 1.6 percent and Julius Baer finished lower by 2.8 percent. Swiss Re lost 2.4 percent and Zurich Insurance dropped 2.0 percent.

LafargeHolcim weakened by 2.7 percent, despite the news that Egyptian billionaire Nassef Sawiris purchased more shares of the cement company.

The luxury goods companies were also under pressure Thursday. Richemont values ??declined 2.6 percent and Swatch lost 2.2 percent. Credit Suisse downgraded its rating on Richemont to "Neutral" from "Outperform."

The index heavyweights all finished in the red. Novartis weakened by 1.5 percent, while both Roche and Nestlé both surrendered 1.3 percent.