The Swiss Stock Market Slipped Back Below 8,000 Points

(RTTNews) - The Swiss stock market ended Tuesday's session in the red, reversing the gains of the previous day. The market fluctuated between 7,930 and 8,010 points today and ended the day below 8,000.

Disappointing trade data from China had a negative impact on investor sentiment Tuesday. A pullback in crude oil prices also contributed to the negative mood. Investors also remain nervous ahead of Thursday's announcement from the European Central bank.

The Swiss Market Index decreased 0.60 percent Tuesday and finished at 7,971.15. The Swiss Leader Index fell 0.73 percent and the Swiss Performance Index lost 0.56 percent.

The weakest performing stock Tuesday was Transocean. Shares of the oil-driller dropped 7.4 percent after a pullback in crude oil prices. The company also announced an agreement with Keppel FELS to delay the delivery and related payments of five high-specification jackups until 2020.

Another pair of cyclicals also finished notably lower. LafargeHolcim declined 3.4 percent and ABB lost 1.5 percent.

Financial stocks also turned in a weak performance. Credit Suisse decreased 2.5 percent, UBS surrendered 1.8 percent and Julius Baer lost 1.3 percent. Among the insurers, Baloise weakened by 1.3 percent, Swiss Re fell 1.0 percent and Swiss Life lost 0.9 percent.

The index heavyweights all finished with modest losses. Nestle and Roche both finished lower by 0.4 percent, while Novartis fell 0.3 percent.

Shares of luxury goods company Richemont advanced 1.0 percent. Reports of takeover interest in the U.K.'s Burberry triggered gains among other luxury goods companies.

In the broad market, Vontobel sank 4.9 percent. Fund manager Rajiv Jain will depart the company in May.