Swiss Stocks Slump On Economic Jitters

(RTTNews) - Swiss stocks inched lower on Wednesday, extending a recent run of choppy trading amid anxiety over Europe's economic prospects.

The Swiss Market Index was down 0.17 percent at 8.539.71, with cyclicals like Richemont and Swatch falling for a third day.

L'Oreal finalised the buyback of an 8 percent stake in the French cosmetics giant from food giant Nestle.

Nestle stock was unchanged.

Zurich Insurance said it placed 600 million Swiss francs ($672.34 million) of senior unsecured notes. Shares were down 0.37 percent.

Georg Fischer said its automotive division will partner with German mold maker Meco Eckel GmbH. Fischer shares fell 0.6 percent.

Myriad said total registered subscribers in its MSNGR chat service rose by 34 percent in the quarter. Shares fell 3.2 percent.

A former Novartis executive is suing the drug maker, contending she was fired after complaining that a study appeared to be a kickback, the Wall Street Journal reports. Novartis shares were down 0.3 percent.

The Swiss stock exchange said it plans no additions or exclusions to the blue-chip SMI this year.