(RTTNews.com) – The Swiss stock market ended Tuesday’s session with a very small decrease. The market enjoyed long stretches of the session with modest gains, continuing the positive trend of the previous two sessions. However, the market turned lower in late trade, following the release of the weaker than expected U.S. service sector data.
Service sector growth in the U.S. slowed to its slowest rate in over six years on Tuesday. The ISM said its non-manufacturing index tumbled to 51.4 in August from 55.5 in July. Economists had expected the index to show a much more modest drop to 55.0. Investors are doubtful that the Federal Reserve will be able to increase interest rates later this month following the weak service sector report and the disappointing manufacturing and jobs reports last week.
The Swiss Market Index decreased 0.07 percent Tuesday and finished at 8,304.34. The SMI finished off its intraday low of 8,293 points. The Swiss Leader Index dropped 0.22 percent and the Swiss Performance Index lost 0.08 percent.
Givaudan was another notable decliner, with a loss of 0.9 percent. LafargeHolcim decreased 0.8 percent and Syngenta forfeited 0.7 percent.
Galenica was among the best performing stocks of the session, with a gain of 1.9 percent. Swatch also climbed 1.2 percent. Investors stepped into to buy both stocks after recent losses brought them to their lowest levels of the year.
Shares of ABB advanced 0.5 percent after Liberum raised its price target on the stock and confirmed its “Buy” rating. Dufry increased 1.0 percent, Richemont rose 0.9 percent and Actelion added 0.5 percent.
In the broad market, Straumann dropped 1.5 percent after Citigroup rated the stock as a “Sell.”
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Plantations International