The Swiss Stock Market Extended Its Losses, But Finished The Week Positive

(RTTNews) - The Swiss stock market ended Friday's session in the red, extending its losses from the previous day. Despite the recent weakness, the market still finished the trading week with an increase, its third weekly gain in a row. The market got off to a weak start Friday and reached its intraday low before noon.

The losses at the end of the trading week were chalked up to profit taking, following the recent run up in the market. Eurozone private sector activity remained sluggish at the start of the second quarter. Some disappointing corporate financial reports from the U.S. also contributed to the negative mood.

The Swiss Market Index decreased 0.62 percent Friday and finished at 8,109.44. The SMI concluded the trading week with an overall gain of 1.2 percent. The Swiss Leader Index dropped 0.49 percent Friday and the Swiss Performance Index lost 0.52 percent.

Actelion declined 2.8 percent Friday. The stock was up over 3 percent yesterday, following the release of its strong quarter results.

Novartis, which also release quarter results yesterday, dipped 0.1 percent. Roche surrendered 0.5 percent and Nestlé dropped 1.4 percent.

Luxury goods companies were under pressure after the weak results reported by French competitor Kering. Swatch decreased 1.7 percent and Richemont lost 2.1 percent.

The financial stocks finished with mixed results. Credit Suisse fell 0.5 percent, but UBS increased 0.8 percent. Julius Baer also finished with a gain of 0.2 percent.

Sika was among the best performing stocks of the session, with an increase of 1.4 percent. Galenica and Lonza both finished the day higher by 0.8 percent.