The Swiss Stock Market Finished With A Slight Loss

(RTTNews) - The Swiss stock market ended Tuesday's session with a very small loss, extending the weakness from the previous day. The market began the session with heavy losses, but recovered ground due to the positive performance of the pharmaceutical stocks.

Uncertainty about the Federal Reserve's plans for tapering its stimulus measures forced investors to proceed with caution. The Federal Open Market Committee is expected to release the minutes from its two-day meeting, held on July 30 and 31, on Wednesday.

The Swiss Market Index declined by 0.04 percent Tuesday and finished at 7,935.89. The Swiss Leader Index fell by 0.51 percent and the Swiss Performance Index lost 0.12 percent.

Financial stocks were again among the weakest performers on Tuesday. UBS dropped by 1.9 percent and Credit Suisse fell by 1.5 percent. Julius Baer also decreased by 1.7 percent. Baloise declined by 1.9 percent and Swiss Life lost 1.2 percent.

The strong performance of the pharmaceutical heavyweights saved the market from larger losses. Novartis increased by 1.4 percent, while Roche added 0.8 percent. However, Nestle finished with a slight loss of 0.1 percent.

Dental implants maker Straumann surged by 8.50 percent after its results exceeded expectations and it confirmed its guidance. The firm announced that it has received FDA breakthrough therapy designation for BYM338, a novel, fully human monoclonal antibody developed to treat pathological muscle loss and weakness.