Swiss Stocks Flat As Big Banks Struggle

(RTTNews) - Swiss stocks were flat Wednesday even as other European markets suffered modest losses. Concerns about the pace of the European economic recovery cropped again after recent gains in equities around the region.

The Swiss Market Index inched up 0.03 percent to 8,527.91 despite weakness among big banks UBS and Credit Suisse.

Novartis said it had signed an a deal to exclusively license its experimental drugs for tuberculosis to the Global Alliance for TB Drug Development. Shares rose 0.68 percent.

Swisscom raised its guidance for full-year core profit. Shares were up fractionally.

Subsidiaries of Nobel Biocare filed a patent infringement lawsuit today in California against Neodent USA, Inc., alleging infringement of two patents relating to a line of dental implants. Nobel shares were down 1.5 percent.

Ascom said sales fell in the first half of the year. The stock was down 5.4 percent.