The Swiss Stock Market Dropped Again On Trade Worries

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(RTTNews.com) - The Swiss stock market finished in the red again Tuesday, extending the losses of the previous session. Concerns over a trade war between the U.S. and China has hit global equity markets hard so far this week.

The Swiss Market Index decreased by 0.66 percent Tuesday and finished at 8,463.41. The Swiss Leader Index dropped 1.04 percent and the Swiss Performance Index lost 0.75 percent.

The positive performance of index heavyweights Nestle and Roche helped the market to avoid a larger loss. Nestle advanced 0.4 percent and Roche gained 0.5 percent. Roche announced that it has agreed to acquire the remaining shares of U.S. company Foundation Medicine that it does not already own for US$2.4 billion.

Meanwhile, shares of Novartis fell 0.6 percent.

Luxury goods companies were under heavy pressure Tuesday, due to trade concerns. Swatch Group sank 4.2 percent and Richemont declined 3.7 percent.

Sika was another notable decliner, with a loss of 4.1 percent. SGS weakened by 2 percent and Givaudan surrendered 1.9 percent.

Lafargeholcim decreased 1.5 percent and Lonza lost 1.4 percent.

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This article appears in: US Markets , Stocks
Referenced Symbols: FMI ,

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