The Swiss Stock Market Sank To A Multi-Year Low

(RTTNews) - The Swiss stock market ended Tuesday's session with another sharp loss, adding to the significant pullback of the prior trading session. The market got off to a positive start Tuesday, but quickly slipped into negative territory and remainder there for the rest of the day. The market dropped below the 7,600 point level and set a multi-year low. The only bright spot today was the performance of Actelion after the release of its earnings.

Crude oil prices and concerns over China continued to weigh on investor sentiment. Meanwhile, fears of a new banking crisis in Europe also has investors on edge. The Swiss market dropped by nearly 6 percent in January and only 9 days into February it has plunged another 14 percent.

The Swiss Market Index decreased 2.27 percent Tuesday and finished at 7,583.27. The SMI hit an intraday low of 7,540 points, its lowest level since the summer of 2013. The Swiss Leader Index dropped 2.58 percent and the Swiss Performance Index lost 2.26 percent.

The bank stocks endured heavy losses again Tuesday. Credit Suisse sank 8.4 percent and UBS tumbled 5.6 percent. The ongoing concerns about the global economy and the stability and profitability of the financial sector has been weighing on the stocks.

Transocean declined 6.8 percent Tuesday, despite an attempt at stabilization in the price of crude oil Tuesday. LafargeHolcim fell 4.9 percent today, adding to the loss of 8 percent yesterday. The company announced Monday that Wolfgang Reitzle vacated his position as Chairman of the company's Board in order to return to Linde.

Cyclical stocks Swatch and Aryzta suffered losses in excess of 4 percent. Zurich Insurance ended the day lower by 3.6 percent.

The lone bright spot Tuesday was the performance of Actelion, which increased by 1.1 percent, after reporting annual results. Investors were also encouraged by the company's 2016 outlook and a dividend increase.