The Swiss Stock Market Dipped After ECB Disappoints

(RTTNews) - The Swiss stock market fluctuated between gains and losses over the course of Thursday's session, but ultimately finished with a slight loss. Investors were focused on today's announcement from the European Central Bank. The ECB left its rates unchanged and reaffirmed that the monthly asset purchases of EUR 80 billion will run until the end of March 2017, or beyond, if necessary.

Traders were disappointed that the ECB did not even discuss an extension of asset purchases beyond March 2017. However, further comments from ECB President Mario Draghi offered assurance that the QE program will continue, which seemed to calm the markets.

The Swiss Market Index decreased 0.07 percent Thursday and finished at 8,315.20. The Swiss Leader Index climbed 0.12 percent, but the Swiss Performance Index lost 0.10 percent.

Cyclical stocks were under pressure Thursday. Lonza weakened by 1.1 percent, while Galenica and LafargeHolcim both dropped by 1.0 percent. Sika declined 0.9 percent, while Schindler and Clariant both surrendered 0.7 percent each. Givaudan also finished with a loss of 0.4 percent.

The weak performance of the index heavyweights also weighed on the overall market. Novartis and Roche both forfeited 0.1 percent each, while shares of Nestlé dropped 0.8 percent.

Meanwhile, financial stocks were in demand Thursday. Swiss Re and Credit Suisse both climbed 2.0 percent each. Swiss Life increased 1.0 percent UBS rose 0.6 percent and Julius Baer added 0.4 percent.

The luxury goods companies bounced back thanks to some positive economic data from China. Watchmakers Richemont and Swatch both gained 0.3 percent each.