Swiss Market Ends Notably Lower

(RTTNews) - The Switzerland stock market ended notably lower on Friday, weighed down by profit taking and the decision of the European Commission to not propose extending a facility that allows EU investors to trade on Swiss bourses.

The benchmark SMI ended lower by 55.69 points, or 0.56%, at 9,922.83, slightly off the day's low of 9,915.62. The index touched a high of 9,920.24 in the session. Earlier this week, the SMI posted a new all-time high of 10,062.65.

Lonza Group declined 1.5%. Roche Holding, SGS and LafargeHolcim lost 1 to 1.25%.

Novartis ended lower by about 1.1%. According to reports, a U.S. group has issued a critical note on Novartis's new multiple sclerosis drug Mayzent, calling its $88,561 list price "far out of line" compared with its benefits for patients.

Alcon ended nearly 1% down. Adecco, Credit Suisse, Nestle and Swisscom ended modestly lower.

Richemont, ABB, Swiss Re and Zurich Insurance Co shares gained 0.2 to 0.8%.

Among midcap stocks, AMS ended nearly 4% down. GAM Holding declined 2.8%. Sonova Holding, Temenos and Barry Callebaut shed 2.2 to 2.6%.

The European Commission has decided not to propose extending the equivalence regime that lets EU investors to trade on Swiss bourses, according to an EU diplomat.

EU investors would still be able to trade Swiss shares, but only through a broker that is a member of the Swiss exchange in Zurich.

The Swiss government is reportedly planning to protect Swiss stock exchanges by banning the trading of Swiss shares on EU-based bourses if the European Union does not extend access for Swiss bourses beyond this month, according to a government source.