Swiss Shares Extend Losing Streak
(RTTNews) - The Swiss stock market closed under pressure again on Tuesday, stretching its losing streak to three sessions while giving up more than 130 points or 1.1 percent in that span.
The SMI followed the rest of the European markets to the downside after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank's 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.
For the day, the index dropped 88.16 points or 0.72 percent to finish at 12,088.36 after trading between 12,067.17 and 12,169.43.
Among the actives, Adecco Group plunged 6.25 percent, while UBS stumbled 2.13 percent, Swiss Life and SGS both tanked 1.21 percent, Nestle dropped 0.74 percent, Zurich Insurance shed 0.73 percent, Swiss Re lost 0.70 percent, Roche Holding added 0.69 percent, Swatch Group gained 0.35 percent, Novartis fell 0.33 percent and Swisscom was unchanged.
In corporate news, Food giant Nestle has dismissed Chief Executive Officer Laurent Freixe, following revelations of a romantic relationship with a company staffer.
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