The Swiss Stock Market Finished Nearly Unchanged – Banks In Focus – Markets Insider

(RTTNews) – The Swiss stock market got off to a weak start Friday, but managed to climb into positive territory around midday. The market fluctuated throughout the afternoon, but ended the session with a very small gain. Bank stocks were in focus after both big banks reported financial results.

The Swiss Market Index increased by 0.02 percent Friday and finished at 9,019.31. The SMI ended the trading week with an overall gain of 0.9 percent. The Swiss Leader Index fell 0.2 percent Friday, but the Swiss Performance Index rose 0.1 percent.

UBS was among the weakest performing stocks of the session, falling 2.9 percent. Investors raised concerns over client activity and margins in its wealth management division, despite reporting 14 percent higher profit in its second quarter.

Meanwhile, Credit Suisse was among the top performing stocks of the day, climbing 3.1 percent after posting a profit in its second quarter, compared to last year’s loss.

Julius Baer finished with a loss of 1.0 percent.

Clariant was another notable decliner, falling 1.3 percent. SGS weakened by 1.1 percent and Lonza surrendered 0.7 percent.

Index heavyweight Roche dipped 0.2 percent following yesterday’s financial report and Novartis slid 0.1 percent. Nestlé finished higher by 0.2 percent.

Richemont advanced 1.6 percent and Swatch gained 1.4 percent. Lindt & Sprüngli and Geberit added 1.0 percent each.

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