The Swiss stock market ended Friday's session with a loss. After a positive start, the market quickly slipped into negative territory. The market staged a recovery around midday, but dropped again in late trade.
Traders were in a cautious mood ahead of today's vote in the Senate on the U.S. tax reform bill. GOP leaders were forced to delay a final vote on Thursday after the legislation hit a snag. Traders were also concerned by reports that former national security adviser Michael Flynn is prepared to testify that President Trump directed him to make contact with Russians.
The Swiss Market Index decreased by 0.47 percent Friday and closed at 9,274.55. The SMI ended the trading week with an overall loss of 0.6 percent. The Swiss Leader Index dropped 0.63 percent Friday and the Swiss Performance Index lost 0.53 percent.
Logitech was among the weakest performing stocks of the session, tumbling 3.1 percent. LafargeHolcim weakened by 1.9 percent, Kuehne + Nagel surrendered 1.6 percent and Adecco lost 1.6 percent.
The weak performance of the index heavyweights weighed on the overall market Friday. Nestlé declined 0.6 percent, Novartis fell 0.5 percent and Roche slid 0.1 percent.
Aryzta was among the best performing stocks of the session, with an increase of 2.0 percent. Richemont climbed 1.1 percent after Exane BNP upgraded its rating on the stock to "Outperform" from "Neutral." Swatch also finished higher by 0.6 percent.
Credit Suisse was positive for much of Friday's session, but closed down by 0.5 percent.
Baloise decreased 0.8 percent, Swiss Life declined 1.0 percent and Zurich Insurance fell 1.0 percent.
by RTT Staff Writer
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