(RTTNews.com) – The Swiss stock market ended Tuesday’s session in the red again Tuesday, extending its losses from the previous session. The market also dropped below the 7,800 point level for the first time since June. Investors are in a nervous mood ahead of the U.S. Presidential election. Traders are concerned that a renewed FBI investigation in Hillary Clinton’s
emails could lead to a victory for Donald Trump
.
Investors are also awaiting tomorrow’s announcement from the Federal Reserve. The Fed is widely expected to leave interest rates unchanged after it concludes its 2-day policy meeting.
The Swiss Market Index decreased 0.85 percent Tuesday and finished at 7,761.34. The Swiss Leader Index dropped 0.92 percent and the Swiss Performance Index lost 0.79 percent.
Sonova weakened by 1.6 percent and Lonza surrendered 1.4 percent. ABB fell 1.4 percent and SGS decreased 1.0 percent. Deutsche Bank and Berenberg both downgraded their respective ratings on shares of SGS.
Bank stocks were also under pressure Tuesday. Credit Suisse declined 1.2 percent and UBS forfeited 1.8 percent. Julius Baer
also finished lower by 1.0 percent.
The index heavyweights all finished in the red, which pressured the overall market. Roche dropped 1.3 percent and Novartis weakened by 0.8 percent. The U.S. FDA granted priority review status for Novartis’ drug LEE011 (ribociclib) used in the treatment of advanced breast cancer. Shares of Nestle also dipped 0.3 percent.
Actelion fell 1.4 percent after Barclays reiterated its “Underweight” rating on the stock. Kuehne + Nagel slipped 0.1 percent. JPMorgan upgraded its rating on the stock to “Neutral” from “Underweight.”
Syngenta declined 0.4 percent after ChemChina extended its $ 43 billion cash offer for the Swiss agrichemicals group to Jan. 5.
Sika gained 0.6 percent, extending yesterday’s gains following the Zug court decision to block Saint-Gobain’s attempt to take over the chemical manufacturer.
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Plantations International