The Swiss Market Finished Nearly Unchanged Despite Strong Start

(RTTNews) - The Swiss stock market ended Thursday's session with a very slight decrease, virtually unchanged for the day. The market got off to a strong start this morning and climbed past the 8,600 point level in early trade. However, those early gains crumbled as the session wore on.

Eurozone manufacturing activity grew at a slower pace than estimated in September, falling to a five-month low of 52 from 52.3 in August. The drop in the U.S. manufacturing sector added to the negative mood in the afternoon. The ISM said its purchasing managers index dropped to 50.2 in September from 51.1 in August. Economists had expected the index to dip to 50.5.

The Swiss Market Index decreased by 0.03 percent Thursday and finished at 8,510.56. The SMI rose to an intraday high of 8,646 points. The Swiss Leader Index rose 0.07 percent and the Swiss Performance Index finished unchanged.

Givaudan was among the biggest decliners Thursday, with a loss of 2.0 percent. Cautious comments from analysts and ratings cuts in the last few days weighed on the stock. Swisscom also decreased 1.1 percent and Actelion surrendered 1.0 percent.

Aryzta was the top gainer of the session, after Societe Generale upgraded its rating on the stock to "Buy." The stock ended the session with a gain of 4.7 percent, but had been up by as much as 11 percent during the day.

Financial stocks added to their gains from the prior trading session. Julius Baer climbed 2.4 percent and UBS added 1.2 percent. Credit Suisse finished up by 0.04 percent.

The index heavyweights turned in a mixed performance. Roche rose 0.1 percent, but Novartis fell 0.3 percent. Nestle ended the session unchanged.

Evolva surged by 25 percent. Along with Cargill, the company launched EverSweet, a next generation stevia sweetener.