The Swiss Stock Market Declined Due To Weakness Of The Defensive Heavyweights

(RTTNews) - The Swiss stock market ended Friday's session with a loss, snapping a 4-session winning streak. The weak performance of the index heavyweights weighed on the overall market at the end of the trading week.

The rally that was sparked by the victory of Donald Trump in the U.S. presidential election appears to have run out of gas. The sharp increase in global equity markets seems to have left little room for further gains. Comments from Federal Reserve Chair Janet Yellen yesterday have also convinced investors that the central bank is likely to raise interest rates at its December meeting.

The Swiss Market Index decreased 0.75 percent Friday and finished at 7,904.55. The SMI ended the trading week with an overall gain of 0.3 percent. The Swiss Leader Index dropped 0.48 percent Friday and the Swiss Performance Index lost 0.54 percent.

Shares of LafargeHolcim were in focus Friday. The stock dropped 1.9 percent after the cement company cut its mid-term profit outlook.

Actelion was the weakest performing stock of the day, with a loss of 2.2 percent. Aryzta weakened by 1.3 percent and Bâloise surrendered 1.1 percent.

The index heavyweights all finished in the red Friday. Roche fell 0.9 percent and Novartis declined 1.5 percent. Shares of Nestlé also finished lower by 0.8 percent.

Credit Suisse forfeited 1.2 percent, while rival UBS ended the day unchanged. Meanwhile, Julius Baer climbed 0.7 percent.

Syngenta increased 1.9 percent and Clariant gained 1.4 percent.