(RTTNews.com) – The Swiss stock market ended the first session of the new trading week with a slight loss, but was little changed overall. After a positive start to the session, early gains quickly fizzled out.
Investors were in a cautious mood ahead of a flurry of central bank activity this week. The Bank of England, European Central Bank and Swiss National Bank will all announce their respective policy decisions this week, as well as the Federal Reserve.
The Swiss Market Index decreased by 0.05 percent Monday and finished at 9,314.76. The Swiss Leader Index dropped 0.05 percent and the Swiss Performance Index lost 0.14 percent.
Hearing aid manufacturer Sonova declined 1.7 percent. Swisscom also dropped 1.2 percent after Citigroup downgraded its rating on the stock to “Neutral.”
SGS, ABB and LafargeHolcim fell by 0.7 each and Geberit surrendered 0.6 percent. Logitech also finished lower by 0.8 percent.
Index heavyweight NestlÃ© also weakened by 0.4 percent.
Swatch climbed 3.6 percent after Credit Suisse upgraded its rating on the stock to “Outperform” from “Underperform.” Richemont also increased 0.8 percent.
UBS gained 1.2 percent and Credit Suisse added 0.1 percent. The banks continued to benefit from last week’s Basel III announcement.
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