The Swiss Stock Market Pulled Back After Two Days Of Gains

(RTTNews) - The Swiss stock market got off to a positive start Tuesday, but quickly slipped into the red and never re-emerged. The market meandered around the 7,800 point level for the rest of the trading session. The market had been up during the previous two trading sessions, which had translated into a two percent gain.

The pull back Tuesday was largely attributed to uncertainty in the oil market. Qatar, Saudi Arabia, Russia and Venezuela agreed to freeze crude output at January levels. However, most investors had been hoping for a cut in production, due to concerns over global oversupply.

The Swiss Market Index decreased 0.44 percent Tuesday and finished at 7,813.79. The Swiss Leader Index declined 0.33 percent and the Swiss Performance Index lost 0.39 percent.

Transocean dropped 3.8 percent Tuesday, due to uncertainty in the oil market.

LafargeHolcim weakened by 2.0 percent. Its competitor HeidelbergCement managed to only partially meet the high expectations of analysts in the fourth quarter.

Bank stocks were also under pressure Tuesday. Credit Suisse surrendered 1.4 percent and UBS fell 0.9 percent. JPMorgan lowered its price target on shares of UBS.

Among the index heavyweights, Nestlé weakened by 0.8 percent and Roche fell 0.7 percent. However, shares of Novartis finished with a gain of 0.1 percent.

Clariant increased by 1.1 percent, ahead of its earnings report Wednesday. Sika also climbed 1.1 percent and Swatch added 1.5 percent.