(RTTNews.com) – The Swiss stock market ended Friday’s session with a small loss and ended the overall trading week in negative territory. Investors were reluctant to make any major moves ahead of a crucial vote on U.S. healthcare reform.
The vote was expected to take place Thursday evening, but House Republican leaders delayed a vote on the bill amid indications of a lack of support. However, President Donald Trump has demanded that the vote go forward today.
If a vote on the replacement of Obamacare fails, it could cast doubt on Trump’s ability to deliver on promises of increased infrastructure spending, tax cuts and deregulation.
Galenica was the weakest performing stock Friday, with a loss of 2.4 percent. The stock continues to weaken ahead of the planned split of the company. The stock dropped by nearly 10 percent between Monday and Wednesday this week.
Insurance companies were under pressure at the end of the trading week. Swiss Re declined 1.0 percent and Swiss Life lost 0.6 percent. Bâloise also finished lower by 0.3 percent.
Among the cyclicals, Dufry decreased 0.9 percent. LafargeHolcim dropped 0.6 percent and Clariant fell 0.5 percent.
The index heavyweights turned in a mixed performance. Novartis decreased 0.5% percent and Nestlé slipped 0.3 percent. Meanwhile, Roche ended the day with a gain of 0.2 percent. The U.S. FDA granted a breakthrough therapy designation to Roche’s drug Rituxan.
Sika climbed 0.7 percent and Syngenta added 0.5 percent. According to reports, the EU competition authority is expected to approve Syngenta’s takeover by Chinese state-owned company ChemChina early next week.
For comments and feedback: contact editorial@rttnews.com
Plantations International