The Swiss Stock Market Finished Sharply Lower On Greek Jitters

(RTTNews) - The Swiss stock market ended Friday's session with a significant loss and also ended negative for the week. The market got off to a weak start Friday, but stage a slight recovery around noon. However, the market sank further as the afternoon wore on.

Investor concerns over Greece were responsible for the drop in the market. Optimism for a solution to the Greek debt crisis sparked gains in Europe mid-week, but that vanished late yesterday when the IMF's delegates left Brussels due to a lack of progress in the negotiations.

The Swiss Market Index sank by 1.31 percent Friday and finished at 9,026.43. The SMI ended the overall trading week with a decrease of 0.9 percent. The Swiss Leader Index fell by 1.15 percent Friday and the Swiss Performance Index lost 1.22 percent.

Sika climbed by 1.9 percent Friday. The Supreme Court of Zug rejected an appeal by the Burkard-Schenker family to lift a limit on their voting rights over the company. The family has been trying to facilitate a sale of the company to French rival Saint-Gobain.

The only other positive stock today were share of Syngenta, with a gain of 0.2 percent. U.S. rival Monsanto continues to pursue a takeover of the company.

Transocean dropped by 4.0 percent on a rough day for energy stocks. Falling crude oil prices weighed on a number of energy stocks.

The index heavyweights all finished in the red at the end of the trading week. Roche sank by 2.3 percent and Novartis lost 1.4 percent. Nestle also dropped by 1.0 percent. The dispute over Maggi instant noodles loaded with lead in India is now entering a legal phase.

Actelion decreased by 2.5 percent and Geberit fell by 1.6 percent. Clariant and Holcim dropped by 1.5 percent each and Givaudan weakened by 1.7 percent.

Insurance stocks were also under pressure Friday. Baloise declined by 1.6 percent and Swiss Life lost 1.1 percent. Swiss Re decreased by 1.0 percent and Zurich Insurance surrendered 1.1 percent.