The Swiss Stock Market Sank Beneath 8,000 Points On "Brexit" Concerns

(RTTNews) - The Swiss stock market ended Friday's session with a significant loss. The market got off to a weak start and extended its losses throughout the session, finishing just above the 7,900 point level.

The upcoming referendum on whether the U.K. will remain in the European Union has caused increased nervousness among investors. Much of the concern surrounds the potential for additional votes among other member nations. There was no help to be found from the U.S. in the afternoon. Investors remain in a cautious mood ahead of the Federal Reserve meeting next Wednesday.

The Swiss Market Index decreased 1.90 percent Friday and finished at 7,922.71. The SMI finished the trading week with an overall loss of 2.8 percent. The Swiss Leader Index dropped 2.04 percent Friday and the Swiss Performance Index lost 1.82 percent.

Zurich Insurance fell 0.7 percent, after the company announced restructuring measures. The insurance company wants to simplify the corporate structure under the new CEO Mario Greco and thus increase profitability.

Baked goods manufacturer Aryzta sank 3.9 percent at the end of the week. Credit Suisse dropped 3.8 percent and UBS weakened by 2.3 percent.

Cyclical stocks were also under pressure Friday. Swatch declined 3.5 percent and Richemont forfeited 3.6 percent. LafargeHolcim also weakened by 3.6 percent. According to media reports, the company is considering the sale of its cement business in Sri Lanka.

The index heavyweights all finished in the red Friday. Roche decreased by 2.2 percent and Novartis declined 2.0 percent. Nestle also closed lower by 1.2 percent.

Clariant dropped 1.9 percent. The specialty chemicals company has terminated a deal to acquire Kilfrost's European aircraft and rail de-icing business.

In the broad market, Straumann rose 1.7 percent after Credit Suisse raised its price target on the stock and confirmed its "Outperform" rating.