Strength In Nestle Helped To Limit Losses In The Swiss Stock Market

(RTTNews) - The Swiss stock market ended Thursday's session with a modest decrease. The dip was attributed to profit taking, with the market trading near the highs of the year. The strong performance of index heavyweight Nestle helped to offset some the weakness in the market.

The situation in Greece continued to weight on investor sentiment Thursday. Standard & Poor's Ratings Services cut its credit ratings on Greece deeper into junk territory. Economic data from the United States this afternoon also came in weaker than anticipated. Weekly jobless claims in the U.S. unexpectedly increase, while housing starts and building permits came fell short of expectations.

The Swiss Market Index declined by 0.32 percent Thursday and finished at 9,398.60. The Swiss Leader Index fell by 0.45 percent and the Swiss Performance Index lost 0.32 percent.

Among the index heavyweights, Nestle was the clear winner, with an increase of 0.8 percent. The company is scheduled to report results on Friday. Positive reports from its competitors this week, namely Danone and Unilever, have translated into gains for Nestle.

Meanwhile Novartis dropped by 1.0 percent and Roche lost 0.2 percent. Novartis announced that the U.S. FDA has granted approval to Alcon, for the treatment of patients with cataracts.

Shares of Sika fell by 2.9 percent Thursday, extending its losses from the previous session. The weakness was caused by continued uncertainty over the possible sale of majority control of the company to France's Saint-Gobain.

Adecco was another notable decliner Thursday, falling by 1.8 percent. Shares of Syngenta also dropped by 1.3 percent.

Actelion climbed by 1.7 percent. The biopharmaceutical company announced this morning that it plans to accelerate its clinical development in the field of immunological diseases and bring a promising product candidate for the treatment of multiple sclerosis in a phase III study.