The Swiss Stock Market Pulled Back Due To Weak Performance Of Heavyweights

(RTTNews) - The Swiss stock market ended Tuesday's session with a modest decrease. The market lacked direction, fluctuating between gains and losses over the course of the session. Ultimately, the weak performance of the market's defensive heavyweights pulled the market into negative territory.

Trading activity across Europe was on the light side Tuesday, as investors prepare for the holiday season. Economic data from the U.S. had little impact on the Swiss market in the afternoon. U.S. GDP for the third quarter was revised slightly downward and existing home sales dropped by more than anticipated.

The Swiss Market Index declined 0.33 percent Tuesday and finished at 8,515.82. The SMI had an intraday high of 8,610 points. The Swiss Leader Index rose 0.04 percent, while the Swiss Performance Index fell 0.27 percent.

Transocean climbed 2.7 percent on a strong session for energy stocks.

Syngenta advanced 2.1 percent on continued takeover speculation. Jefferies also raised its price target on the stock.

Swatch increased 1.5 percent and Richemont added 0.7 percent, despite weak watch export data. While business in Hong Kong was disappointing, there was a sharp increase in China.

Sika rose 1.0 percent, while Aryzta and SGS both gained 0.9 percent. Julius Baer and ??Credit Suisse both increased by 0.3 percent and UBS added 0.1 percent.

Actelion ended the session flat, despite being up over 2 percent in early trade. The U.S. FDA approved Uptravi, for the treatment of patients with pulmonary hypertension.

The index heavyweights all finished in negative territory Tuesday. Nestlé dropped 1.2 percent and Novartis lost 0.8 percent. Shares of Roche also decreased 0.3 percent.