The Swiss Stock Market Fell On Broad Weakness

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(RTTNews.com) - The Swiss stock market got off to a weak start Friday, but pared its losses in early trade. However, the market slipped back near session lows going into the close.

The Swiss Market Index decreased by 0.53 percent Friday and finished at 8,940.46. The Swiss Leader Index dropped 0.54 percent and the Swiss Performance Index lost 0.47 percent.

Luxury goods company Richemont sank 5.3 percent after its weaker than expected full year report. The company's full year 2018 profit increased 1 percent to 1.221 billion euros from last year's 1.210 billion euros. Rival Swatch also weakened by 1.1 percent.

Shares of the big banks were also under pressure at the end of the trading week. Credit Suisse declined 1.3 percent and UBS forfeited 0.9 percent. Julius Baer also finished lower by 0.4 percent.

Among the index heavyweights, Novartis dropped 0.8 percent and Nestle lost 0.10 percent. Meanwhile, Roche gained 0.3 percent.

Sika decreased 0.7 percent and Geberit fell 0.6 percent. Swisscom also closed down by 0.5 percent.

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

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