The Swiss Stock Market Finished With Another Sharp Decline

(RTTNews) - The Swiss stock market ended Wednesday's session with a substantial decrease, extending yesterday's losses. The market got off of a positive start today, but quickly slipped into the red and added to that weakness after the opening of the U.S. markets in the afternoon.

Investor concerns over a global economic slowdown weighed on the market Wednesday. Economic data from the United States was mixed today. The ISM non-manufacturing index came in better than expected, while private sector employment was surprisingly weak. Traders will be watching for the release of the U.S. employment report on Friday.

The Swiss Market Index decreased 1.24 percent Wednesday and finished at 7,752.97. The Swiss Leader Index dropped 1.02 percent and the Swiss Performance Index lost 1.10 percent.

Hearing aid manufacturer Sonova was the top gainer of the session. The stock jumped 4.0 percent after the company agreed to acquire Dutch company AudioNova.

Actelion increased 0.3 percent, while Syngenta, Sika and Galenica all added 0.1 percent.

UBS declined 1.8 percent Wednesday. The stock sank 7.5 percent yesterday, following the release of its disappointing quarterly results. Credit Suisse also finished lower by 1.5 percent.

Schindler was the top decliner of the session, with a loss of 2.0 percent. Swisscom weakened by 1.9 percent, following its first quarter report yesterday. Goldman Sachs confirmed its "Sell" rating on the stock.

The index heavyweights all finished in negative territory Wednesday. Novartis dropped 1.8 percent and Roche fell 1.6 percent. Shares of Nestlé decreased 0.9 percent.

ABB dropped 1.3 percent, despite the positive earnings report from German competitor Siemens. LafargeHolcim also lost 0.7 percent despite strong results from its competitor HeidelbergCement.