The Swiss Stock Market Fell As Financials Underperformed

(RTTNews) - The Swiss stock market ended Thursday's session in the red, giving back a portion of yesterday's gains. The market got off to a weak start Thursday and traded in a range throughout the session. Financial stocks were under pressure today and cybersecurity company Wisekey made a disastrous debut.

Investors exercised caution ahead of the release of some important economic data. The U.S. jobs report for March and Chinese manufacturing data are both due to be released on Friday.

The Swiss Market Index decreased 0.47 percent Thursday and finished at 7,807.89. The Swiss Leader Index dropped 0.47 percent and the Swiss Performance Index lost 0.35 percent.

UBS was among the weakest performing stocks of the session. The stock sank 2.0 percent. Speculation about massive commercial weakness in the big investment banks weighed on the stock after a report in the Financial Times.

Julius Baer weakened by 0.4 percent and Credit Suisse also lost 0.6 percent. Swiss Re slipped 0.3 percent after Societe Generale lowered its price target on the stock.

Cyclical stocks were also under pressure Thursday. Swatch dropped 1.5 percent and Richemont surrendered 0.9 percent. Givaudan declined 1.4 percent and Sika fell 1.2 percent. Clariant weakened by 1.2 percent and Adecco lost 0.6 percent.

The index heavyweights all finished in the red Thursday. Roche dipped 0.1 percent and Novartis fell 0.5 percent. Shares of Nestle also decreased 0.6 percent.

Galenica was among the best performing stocks of the session, with a gain of 1.5 percent. Actelion climbed 1.1 percent and Aryzta rose 0.7 percent. LafargeHolcim also finished higher by 0.7 percent.

To call the debut of Wisekey a disappointment would be an understatement. The stock opened for trade at 12.00 Swiss francs, but sank to an intraday low of 5.50 Swiss francs. The stock ended the session at 5.87 Swiss francs.