Swiss Stocks Slip Despite SwissRe, Transocean Gains

(RTTNews) - Swiss stocks edged slightly lower Friday despite strong earnings from luxury good maker Richemont and insurer Swiss Re.

The Swiss Market Index slipped 0.53 percent to 8,816, easing from a 7-year peak reached in the previous session.

Richemont advanced 4.7 percent. The luxury goods group reported sales growth for the first half on international demand for jewelery.

UBS had its planned capital surcharges lowered by regulators. The stock dropped 0.7 percent.

SwissRe rose 2 percent as net profit rose more than expected in the third quarter.

Transocean rallied 2.5 percent even after saying expects third-quarter 2014 results to include a non-cash charge of $1.97 billion related to the impairment of goodwill.