The Swiss Stock Market Pulled Back On U.S. Interest Rate Hike Fears

(RTTNews) - The Swiss stock market ended Friday's session with a loss and finished the trading week in the red. The market got off to a weak start Friday and selling pressure increased after the release of the U.S. employment report for July.

Job growth in the U.S. slowed for the second consecutive month in July, according to a report released by the Labor Department on Friday, although the report still showed a notable increase in employment. The report reinforced the belief that the Federal Reserve will begin to hike interest rates in September.

The Swiss Market Index declined by 0.53 percent Friday and finished at 9,408.27. The SMI ended the trading week with an overall decrease of 0.2 percent. The Swiss Leader Index fell by 0.57 percent Friday and the Swiss Performance Index lost 0.54 percent.

Transocean surged by 4.6 percent Friday. Shares of the oil drilling services company climbed by 6.3 percent yesterday, following the release of its financial results.

Zurich Insurance advanced by 1.4 percent, bouncing back from yesterday's weakness. The stock dropped by 4.6 percent yesterday, following the release of its disappointing half year profit.

The index heavyweights all finished in negative territory Friday. Roche dropped by 1.1 percent and Novartis fell by 0.6 percent. Shares of Nestle also surrendered 0.3 percent.

Cyclical and financial stocks were also under pressure at the end of the trading week. Sika forfeited 3.1 percent and UBS lost 2.0 percent. Life science company Lonza fell by 1.9 percent and Galenica weakened by 1.6 percent.