The Swiss Stock Market Pulled Back On Investor Caution

(RTTNews) - The Swiss stock market got off to a rough start Wednesday, before climbing solidly into positive territory. The market remained there for the majority of the session, but sold-off along with the rest of the European markets heading into the close.

Investors played it cautious ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting later today. The lack of U.S. economic data also kept some investors on the sidelines. Alcoa is slated to release its financial results after the close today, marking the unofficial kick-off to the U.S. earnings reporting season.

The Swiss Market Index declined by 0.14 percent Wednesday and finished at 9,247.82. The Swiss Leader Index dropped by 0.21 percent and the Swiss Performance Index lost 0.10 percent.

Julius Baer was the top performing stock, with an increase of 2.7 percent. The stock surged on reports that Credit Suisse is interested in acquiring the company. Credit Suisse decreased by 0.5 percent and UBS fell by 0.9 percent.

Luxury goods companies were also among the gainers Wednesday. Swatch finished higher by 1.9 percent and Richemont gained 1.1 percent.

Sika dropped by 0.9 percent. France's Saint-Gobain and the Burkard family have decided to amend their agreement relating to the sale of the shares of Schenker-Winkler Holding that holds a controlling stake in Sika and to extend the date of validity of their agreement until 30 June 2016.

Nestle was the lone index heavyweight to finish in the green Wednesday, with a gain of 0.3 percent. Novartis fell by 0.3 percent and Roche lost 0.2 percent. Roche received approval from the European Commission for Avastin in combination with chemotherapy for the treatment of women with advanced cervical cancer.

Transocean dropped by 3.3 percent, after crude oil prices pulled back.