The Swiss stock market ended Monday’s session with a modest increase. The market began the new trading week in negative territory, but managed to climb back into the green in late trading, thanks to the positive performance of the U.S. stock markets.
Fitch Ratings on Friday downgraded the credit ratings for Italy, stating that the continued political stalemate after the inconclusive elections last month may deliver an adverse shock to the already crippled economy. Investors are also looking forward to the meeting of EU leaders in Brussels at the end of the week. They are hoping for information about possible further rescue packages for Cyprus and the easing of credit conditions for Portugal and Ireland.
The Swiss Market Index increased by 0.18 percent Monday and finished at 7,758.65. The Swiss Leader Index climbed by 0.01 percent and the Swiss Performance Index added 0.14 percent.
Cyclical stocks turned in a weak performance Monday. Sulzer declined by 1.9 percent and Schindler lost 1.2 percent. Kuehne + Nagel fell by 1.0 percent after Nomura downgraded the stock to “Neutral” from “Buy.” SGS dropped by 0.8 percent and Sika fell by 0.7 percent.
The index heavyweights finished in positive territory. Roche increased by 0.4 percent, while Novartis added 0.2 percent. Nestle also ended the session with a gain of 0.5 percent.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comMarket Analysis