Swiss Stocks Flat Despite Rebounding Roche, Novartis

(RTTNews) - Swiss stocks were flat Monday, as big pharmaceutical companies posted strong gains but banks struggled.

The Swiss Market Index edged up 14.28 points, or 0.17 percent, to 8,313.11

Roche rose 1.5 percent while rival Novartis added 1.2 percent, taking back some steep recent losses.

The chairman of food giant Nestle will undergo treatment for a curable illness. He will remain on the job. Nestle shares slipped 1 percent.

Cytos Biotechnology said it is looking at options to wind down operations and liquidate the company. Shares plunged 95 percent.

Kuehne + Nagel reported a net profit of 150 million Swiss francs for the first quarter of 2014, up a bit from the same quarter a year ago. Shares fell 2.8 percent.

Clariant lost 2.4 percent in Zurich. Berenberg cut the stock to ''Hold'' from ''Buy.''