The Swiss Stock Market Finished With A Slight Loss Friday

(RTTNews) - The Swiss stock market ended Friday's session with a modest decrease, but ended the overall trading week with a gain. The market got off to a positive start Friday, as investors continued to be encouraged by the statements made by Federal Reserve Chairman Ben Bernanke late Wednesday.

However, the market's early gains crumbled in the afternoon following the release of some weaker than expected U.S. economic data. Consumer sentiment in the U.S. unexpectedly dipped to 83.9 in July from the final June reading of 84.1.

The Swiss Market Index declined by 0.04 percent Friday and finished at 7,983.18. However, the SMI ended the trading week with an overall increase of 2.6 percent. The Swiss Leader Index fell by 0.11 percent Friday and the Swiss Performance Index lost 0.05 percent.

Kuehne + Nagel dropped by 2.2 percent Friday, following the release of its financial results for the first half of the year. Zurich Insurance was another significant decliner, with a loss of 1.1 percent. The company gave estimates of the expected losses from the floods in Central and Eastern Europe and the tornado disasters in the United States.

The index heavyweights turned in a mixed performance Friday. Nestle fell by 0.3 percent after Nomura lowered its price target on the stock. Novartis finished unchanged and Roche climbed by 0.5 percent after Jefferies raised its price target on the stock.