The Swiss Stock Market Closed Nearly Flat Ahead Of Fed Decision

(RTTNews) - The Swiss stock market ended Wednesday's session with a very slight loss, virtually unchanged on the day. Investors were reluctant to make any major moves ahead of today's policy decision from the Federal Reserve.

The Fed is widely expected to leave interest rates unchanged when it concludes its meeting later today, although traders will pay close attention to the accompanying statement for clues about the outlook for policy. The statement may offer details on how the central bank plans to start shrinking its $4.5 trillion balance sheet.

The Swiss Market Index decreased by 0.03 percent Wednesday and finished at 9,095.65. The Swiss Leader Index finished up by 0 percent and the Swiss Performance Index rose 0.06 percent.

Givaudan climbed 1.5 percent, adding to its gains from the previous session. Goldman Sachs raised its price target on the stock today, after Bank Vontobel rated the stock a "Buy" yesterday.

Adecco gained 1.4 percent, ahead of its investor's day on Friday. Kuehne + Nagel advanced 0.9 percent.

Among the index heavyweights, Roche climbed 0.9 percent, while Novartis added 0.2 percent. Meanwhile, Nestlé finished lower by 0.6 percent.

Richemont weakened by 1.3 percent, as the stock began trading on an ex-dividend basis.

Swiss Re, Swiss Life and Bâloise closed down by between 0.8 percent and 0.4 percent. The insurance stocks were under pressure due to Hurricane Maria, which has now reached Puerto Rico.