The Swiss Stock Market Fell With Weakness In Index Heavyweights & Syngenta

(RTTNews) - The Swiss stock market got off to a positive start Monday, but its early gains quickly eroded. The market remained in the red for much of the session due to the weak performance of the index heavyweights and the sharp drop in shares of Syngenta. Surprisingly strong private sector data from Europe and M&A announcements from the United States failed to improve the mood among investors.

The Swiss Market Index decreased 0.53 percent Monday and finished at 7,991.88. The Swiss Leader Index fell 0.39 percent and the Swiss Performance Index lost 0.54 percent.

Shares of Syngenta sank 5.9 percent. Syngenta and ChemChina failed to submit proposed remedies to resolve potential antitrust concerns related to their planned merger by October 21 deadline, the European Union said Monday, raising concerns that approval may be delayed.

The index heavyweights all finished in the red Monday. Roche declined 0.7 percent and Novartis fell 0.4 percent. Shares of Nestlé also finished lower by 1.0 percent.

Actelion weakened by 3.0 percent. Shares of Schindler also surrendered 1.4 percent ahead of its earnings report tomorrow. Sika declined 2.9 percent and Lonza dropped 2.3 percent.

Bank stocks were among the few bright spots at the start of the new trading week. Credit Suisse climbed 2.1 percent after it was upgraded to "Buy" from "Hold" at Kepler Cheuvreux. UBS increased 1.3 percent and Julius Baer added 0.9 percent.

Swatch advanced 1.3 percent, while rival Richemont ended the session unchanged.