Swiss Stocks In The Doldrums As Iraq Spooks Markets

(RTTNews) - Swiss stocks edged slightly lower on Friday, reflecting the cautious mood surrounding European markets as the conflict in Iraq intensified.

Crude oil prices spiked above $107 in New York, denting energy-sensitive stocks.

The Swiss Market Index (SMI) lost 0.20 percent to 8,653.76 points, for a weekly loss of 0.10 percent.

Leonteq rose 0.4 percent after the company announced a collaboration with the banking software Avaloq manufacturer.

Orior fell 1.1 percent after saying CEO Remo Hansen is leaving the company in the summer.

SGS said it will no longer provide auditing services for clean energy projects in developing countries seeking to earn carbon credits. Shares were flat.

UBS has appointed Jerry Marcus as a vice chairman of its Americas investment bank. Shares fell 1.1 percent.

Rival Julius Baer was down fractionally despite predicting private banking profits in Germany.