(RTTNews.com) – The Swiss stock market ended Tuesday’s session with a slight gain. The market got off to a positive start, but slipped into negative territory before midday. It remained in the red for much of the afternoon, but manage to climb back into the green going into the close.
The market received some support in the afternoon from the release of some better than expected U.S. economic data. U.S. retail sales and the New York manufacturing report both came in better than expected. However, the rally that was sparked by the surprise victory of Donald Trump
in the U.S. presidential election last week has largely fizzled out.
The Swiss Market Index increased 0.16 percent Tuesday and finished at 7,909.20. The Swiss Leader Index rose 0.13 percent and the Swiss Performance Index gained 0.21 percent.
Financial stocks have been among the best performing stocks in the past week, but were largely down on Tuesday. The stocks have been rallying on hopes that a Trump presidency will mean less regulation on banks. UBS declined 0.7 percent and Julius Baer
dipped 0.2 percent. Meanwhile, Credit Suisse finished up by 0.3 percent.
Bâloise gained 0.4 percent after it reported results for the first 9 months of the year that exceeded expectations.
Sonova was the weakest performing stock of the session, with a loss of 3.4 percent. The company reported results for the first half of the year on Monday that were in line with expectations. Several analysts actually raised their price targets on the stock today.
Clariant decreased 1.2 percent and Richemont fell 0.8 percent. Adecco dropped 1.1 percent and Geberit lost 0.7 percent.
Syngenta gained 2 percent. The agriculture company announced that MIRAVIS Duo has been approved by Argentina’s regulatory authority for use on soybean for late cycle diseases.
Givaudan climbed 2.2 percent, SGS advanced 1.4 percent and Aryzta added 1.2 percent. Galenica and Dufry increased by 1.1 percent each. Actelion gained 0.7 percent and Kuehne + Nagel finished up by 0.6 percent.
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Plantations International