The Swiss Stock Market Dipped Ahead Of The Holiday

(RTTNews) - The Swiss stock market ended Wednesday's session with a small decrease. The market was stuck in a trading range for the majority of the session. Trading activity was rather light ahead of tomorrow's holiday.

European Central Bank President Mario Draghi maintained his dovish tone Wednesday, stating that there was no need to change the policy path currently being projected. Traders are also awaiting the release of the minutes from the most recent meeting of the Federal Reserve later today.

The Swiss Market Index decreased by 0.29 percent Wednesday and finished at 9.035.09. The Swiss Leader Index weakened by 0.24 percent and the Swiss Performance Index lost 0.20 percent.

Shares of Adecco were under pressure after Credit Suisse downgraded their rating on the stock to "Underperform" from "Outperform." The stock dropped 3.7 percent.

Aryzta declined 1.7 percent and Dufry surrendered 1.0 percent. Both stocks extended their losses from the previous session.

The luxury goods companies weakened after US competitor Tiffany reported weaker than expected quarterly sales. Swatch decreased 1.2 percent and Richemont slipped 0.3 percent.

Index heavyweight Nestlé fell 0.6 percent and Roche lost 0.3 percent. However, Novartis finished with a gain of 0.1 percent.

UBS forfeited 1.4 percent Wednesday, but Credit Suisse rose 0.9 percent. Credit Suisse had dropped by around 4 percent during the previous trading session.