(RTTNews.com) – The Swiss stock market ended Thursday’s session with a modest gain, thanks in large part to the positive performance of the index heavyweights. The market got off to a weak start Thursday, but quickly climbed into positive territory before settling into a sideways trend. The market took out the session highs going into the close.
Investors were in a cautious mood ahead of tomorrow’s closely watched U.S. employment report for December. A report on U.S. private sector employment today showed weaker than expected growth.
The Swiss Market Index increased by 0.45 percent Thursday and finished at 8,392.49. The Swiss Leader Index climbed 0.14 percent and the Swiss Performance Index gained 0.44 percent.
The index heavyweights all finished in the green Thursday. Roche climbed 1.3 percent, Nestlé rose 1.1 percent and Novartis added 0.7 percent.
Clariant advanced 1.1 percent, although Bernstein confirmed its “Underperform” rating on the stock.
Actelion gained 0.7 percent. Jefferies downgraded its rating on the stock, but increased its price target.
Bank stocks turned in a weak performance Thursday. Credit Suisse dropped 2.0 percent and UBS fell 0.9 percent. On the first two trading days of 2017, the stocks rose by a total of 10 percent and 7.3 percent, respectively.
Syngenta decreased by 1.0 percent after some comments from analysts at Bernstein. Swiss Re also weakened by 1.0 percent.
The luxury goods companies were also under pressure due to weak retail trade figures from Hong Kong. Swatch declined 0.9 percent and Richemont lost 0.5 percent.
In the broad market, Zurich Airport jumped 2.3 percent after it received a “Buy” recommendation from HSBC.
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Plantations International