(RTTNews.com) – The Swiss stock market dropped on Tuesday, putting an end to its recent 5-day winning streak. The market got off to a weak start and declined for most of the morning. Investor sentiment took a hit from the disappointing Eurozone GDP and industrial production reports.
Conditions did not improve in the afternoon, following the weak opening on Wall Street. Investors were also focused on the testimony of Federal Reserve Chair Janet Yellen before the U.S. Congress. Yellen told lawmakers that the Fed can raise interest rates at a gradual pace.
The Swiss Market Index decreased by 0.43 percent Tuesday and finished at 8,426.15. The Swiss Leader Index dropped 0.17 percent and the Swiss Performance Index lost 0.34 percent.
Aryzta soared 11.5 percent after chief executive of the food group, Owen Killian, and chief financial officer Patrick McEniff tendered their resignations.
Adecco gained 0.8 percent after its competitor Randstad reported positive results. Julius Baer increased 0.8 percent and Zurich Insurance rose 0.6 percent.
Actelion fell 0.3 percent after it reported solid financial results for fiscal year 2016.
The weak performance of the index heavyweights pressured the overall market. Roche dropped 1.1 percent and Nestlé surrendered 0.9 percent. Nestlé is expected to report full year results on Thursday. Shares of Novartis also declined 0.5 percent.
Sika weakened by 1.1 percent, while Swatch and Schindler surrendered 0.9 percent each.
LafargeHolcim decreased 0.5 percent after a disappointing report from competitor HeidelbergCement. Syngenta also slipped 0.4 percent, after the US FTC demanded more information on the takeover by ChemChina.
For comments and feedback: contact editorial@rttnews.com
Plantations International