(RTTNews.com) – The Swiss stock market ended the first session of the new trading week with a loss. Concerns over a “hard Brexit” and the policies of U.S. President-Elect Donald Trump weighed on investor sentiment. U.K. Prime Minister Theresa May is expected to lay out her Brexit plans in a speech on Tuesday.
Meanwhile, Trump has raised concerns among investors with his recent critical comments on Germany, the EU, NATO and the auto industry. He will be inaugurated as the new President of the United States on Friday.
Trading volume was weak at the start of the new trading week. U.S. markets were closed today for the Martin Luther King Jr. Day holiday.
Swiss Re weakened by 2.4 percent after UBS downgraded its rating on the stock to “Sell.”
Credit Suisse and UBS each lost 1.7 percent on a weak day for European bank stocks. Julius Baer also finished lower by 0.8 percent.
LafargeHolcim was the weakest performing stock among the cyclicals, with a loss of 3.0 percent. ABB declined 0.9 percent and Adecco surrendered 0.8 percent.
Swisscom dropped 1.5 percent and Givaudan forfeited 1.2 percent. Berenberg downgraded its rating on shares of Swisscom to “Sell” from “Hold.”
The index heavyweights all finished in negative territory. Novartis decreased 1.2 percent and Roche fell 1.4 percent. Shares of Nestlé also finished lower by 0.6 percent.
The luxury goods companies were also under pressure Monday. Richemont weakened by 0.8 percent and Swatch dropped 0.9 percent.
Shares of Sonova jumped 2.1 percent after it was added to the “High Conviction Ideas” list at Credit Suisse.
Syngenta increased by 0.6 percent. CEO Eric Fyrwald said regarding its takeover by ChemChina, “I am very confident that we will close the deal, and we are making great progress.”
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Plantations International