The Swiss Stock Market Kicked Off The Second Quarter With Losses

(RTTNews) - The Swiss stock market ended the first session of the second quarter with a significant decline. The market ended the first quarter with a loss of nearly 12 percent. Weakness in the Asian markets, falling crude oil prices and the weak performance of index heavyweight Novartis all weighed on the market Friday.

The market pared its losses in the afternoon, following the release of the better than expected U.S. manufacturing report. The highly anticipated U.S. jobs report for March came in with mixed results. Employment in the U.S. increased by slightly more than expected, but the unemployment rate showed an unexpected uptick.

The Swiss Market Index declined 1.53 percent Friday and finished at 7,688.34. The SMI ended the trading week with an overall loss of 1.1 percent. The Swiss Leader Index dropped 1.39 percent and the Swiss Performance Index lost 1.12 percent.

Shares of Novartis dropped 1.7 percent, after UBS downgraded its rating on the stock to "Neutral" from "Buy." The rest of the index heavyweights also finished in the red. Roche declined 1.5 percent and Nestlé fell 1.0 percent.

The luxury goods companies were under pressure Friday. Swatch decreased 2.1 percent and Richemont surrendered 2.0 percent. Vontobel and Barclays both lowered their price targets on Richemont. The decline in the number of Chinese tourists in Europe and the continued weakness of the market in Hong Kong were cited.

Zurich Insurance Group was the weakest performing stock of the session, sinking 9.5 percent. The stock began trading on an ex-dividend basis. The company also announced that it has completed the acquisition of Rural Community Insurance Services.

Credit Suisse shares declined 1.3 percent and UBS weakened by 2.4 percent.

LafargeHolcim was among the top performers Friday, with a gain of 1.1 percent. Sonova increased 0.7 percent, Dufry gained 0.5 percent and Adecco added 0.3 percent.

In the broad market, Wisekey sank another 6.3 percent Friday, following its disastrous debut yesterday.