The Swiss Stock Market Pulled Back On Wednesday

(RTTNews.com) - The Swiss stock market ended Wednesday's session in negative territory, following its recent gains. The market closed yesterday at a new multi-year high, so some profit taking is to be expected. The weak performance of pharmaceutical companies also weighed on the market.

The Swiss Market Index declined by 0.28 percent Wednesday and finished at 7,780.88. The Swiss Leader Index fell by 0.27 percent and the Swiss Performance Index lost 0.27 percent.

Adecco was one of the largest decliners on Wednesday, with a loss of $2.1 percent. The job placement company's fourth-quarter profit plunged. Also among the notable losses were Clariant, which fell by 2.0 percent, Sika, which lost 1.6 percent and Sulzer, which declined by 1.5 percent.

Pharmaceutical giants Roche and Novartis turned in a negative performance Wednesday, losing 1.0 percent and 0.9 percent respectively. However, the third index heavyweight, Nestle finished with a gain of 0.2 percent.

Financial stocks were also weak. Julius Baer and Credit Suisse both dropped by 0.4 percent, while UBS lost 0.3 percent. Swiss Life declined by 0.9 percent and Baloise fell by 0.5 percent.

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