Swiss Stocks Decline, Led By Givaudan And Nestle

(RTTNews) - Swiss stocks continued to drift lower Monday, with fragrance maker Givaudan on the defensive after reporting mixed sales results.

The Swiss Market Index slipped 0.39 percent to 8,342.07, falling further from multi-year highs posted this summer.

Comments from Swiss National Bank Chairman Thomas Jordan promising to take action to prevent deflation had little impact on the market.

Food giant Nestle and drug maker Novartis also lost ground today, while oil services provider Transocean added more than 2 percent.

Kuehne und Nagel said net turnover for the first nine months of 2014 was 13 billion Swiss francs, up slightly from a year ago. The stock was flat.

HIAG Immobilien said it had acquired Swissfiberinvest Menziken AG. HIAG shares inched up.

Givaudan shares lost 1.6 percent, extending recent losses even after the company said nine-month sales rose in line with estimates.