The Swiss Stock Market Dropped Significantly - Adecco Particularly Weak

(RTTNews) - The Swiss stock market ended Tuesday's session with a substantial loss. Investor sentiment took a hit due to the continued uncertainty surrounding the U.K. decision to exit the European Union. A pullback in crude oil prices and the weak opening of the U.S. markets also contributed to the negative mood.

The Swiss Market Index decreased 1.43 percent Tuesday and finished at 7,941.67. The SMI hit an intraday low of 7,918 points. The Swiss Leader Index dropped 1.81 percent and the Swiss Performance Index fell 1.50 percent.

The weakest performing stock of the session was Adecco, which sank 4.0 percent. The stock was under pressure due to some negative comments from Morgan Stanley. Dufry dropped 3.4 percent, while Lonza and Swatch both weakened by 3.0 percent each.

Financial stocks also turned in a weak performance Tuesday. Swiss Life declined 3.2 percent, Zurich Insurance surrendered 2.7 percent and Swiss Re lost 2.4 percent.

Credit Suisse closed lower by 2.5 percent, UBS forfeited 3.9 percent and Julius Baer fell 3.3 percent. UBS announced it has received a disclosure order from the Swiss Federal Tax Administration to hand over identifying information about current and former French clients.

LafargeHolcim decreased 2.3 percent. The company has reportedly received five final bids for Lafarge India, which it must sell in order to obtain antitrust approval.

The index heavyweights all finished in negative territory. Roche declined 1.3 percent, Novartis fell 1.2 percent and Nestlé closed down by 0.7 percent.

In the broad market, Von Roll surged 17.2 percent. The company announced further investments and is planning to implement measures to reduce costs.