The Swiss Stock Market Fell On Weak U.S. Data & "Brexit" Concerns

(RTTNews) - The Swiss stock market ended the final trading session of May with a loss. Early trading action was very quiet, resulting in a narrow trading range. However, the market turned lower in the afternoon following the release of some disappointing U.S. economic data and renewed concerns over a potential U.K. exit from the European Union due to the most recent poll results.

U.S. consumer confidence unexpectedly declined further in May and Chicago-area business activity unexpectedly contracted in the month of May. The results of a recent Guardian phone and online poll also showed that 52 percent of voters are in favor of exiting the European Union.

The Swiss Market Index decreased 0.74 percent Tuesday and finished at 8,216.42. The Swiss Leader Index dropped 0.60 percent and the Swiss Performance Index lost 0.62 percent.

The biggest loser of the session was Aryzta. The bakery group sank 4.7 percent after its third-quarter revenues declined 2.4 percent from last year.

Credit Suisse was another notable decliner, with a loss of 2.6 percent. Zurich Insurance also finished the session lower by 1.5 percent.

Cyclical stocks were under pressure Tuesday. Swatch weakened by 1.4 percent and ABB lost 1.3 percent. SGS declined 1.1 percent and LafargeHolcim surrendered 0.9 percent. Defensive stock Swisscom also forfeited 1.3 percent.

The weak performance of index heavyweights Nestle and Novartis also weighed on the market. Nestle decreased 1.0 percent and Novartis fell 0.8 percent. Lonza and Clariant both increased by 0.7 percent. Swiss Life advanced 0.6 percent and UBS gained 0.5 percent.

In the broad market, Ascom sank nearly 10 percent after it issued a profit warning.

Santhera jumped 4.9 percent after it submitted its application for approval of Raxone to treat Duchenne muscular dystrophy in the European Union.