BRUSSELS (dpa-AFX) - The Swiss stock market ended Tuesday's session in the red, along with the rest of the European markets. The market traded in positive territory for the majority of the session, but sold-off going into the close.
Concerns over the situation in Greece weighed on investor sentiment Tuesday. Greece it due to make a 750 million euro debt repayment to the International Monetary Fund next week. Sentiment took another hit in the afternoon, after the U.S. trade deficit widened substantially in March.
The Swiss Market Index declined by 0.79 percent Tuesday and finished at 9,024.38. The Swiss Leader Index fell by 0.46 percent and the Swiss Performance Index lost 0.67 percent.
Shares of UBS were in focus today. The stock pared its gains in the afternoon, but still finished higher by 3.8 percent. The company's first quarter profit exceeded expectations. The asset management and investment banking divisions both showed significant improvement.
Credit Suisse finished with a gain of 0.1 percent, but Julius Baer dropped by 1.3 percent.
Transocean climbed by 5.5 percent, as crude oil prices increased. Zurich Insurance advanced by 1.2 percent, after Barclays upgraded its rating on the stock to 'Overweight.' Sonova was another notable gainer, with an increase of 1.3 percent.
Sika rose by 1.3 percent. FINMA rejected the appeal lodged by the shareholder group of William H. Gates III and Melinda French Gates as trustees of Bill & Melinda Gates Foundation Trust as well Cascade Investment. FINMA confirmed the decision of the Swiss Takeover Board, that Saint-Gobain is not obliged to submit a public tender offer to all shareholders of Sika.
Holcim fell by 0.8 percent. The proposed merger between Lafarge and Holcim received final approval from both the United States and Canada.
The index heavyweights all finished in negative territory Tuesday. Novartis sank by 1.8 percent and Roche lost 0.7 percent. Shares of Nestle also finished down by 1.00 percent.
Copyright RTT News/dpa-AFX