(RTTNews.com) – The Swiss stock market was little changed in quiet trading on Wednesday. The market traded in the red for the bulk of the session, but turned positive late in the afternoon and held onto a slight gain. Investors were in a cautious mood ahead of tomorrow’s announcement from the European Central Bank and Friday’s U.S. jobs report.
Strong U.S. private sector employment further cemented the belief among investors that the Federal Reserve is likely to increase interest rates at its meeting next week.
The Swiss Market Index increased by 0.03 percent Wednesday and finished at 8,626.65. The Swiss Leader Index climbed 0.11 percent and the Swiss Performance Index added 0.04 percent.
The insurers also fared well due to the Fed rate hike hopes. Bâloise climbed 0.8 percent, while Zurich and Swiss Life added 0.2 percent each.
The luxury goods companies turned in a solid performance following the release of some positive Chinese trade data. Swatch advanced 1.1 percent and Richemont rose 1.0 percent.
Clariant gained 0.4 percent after Reuters reported that the company recently conducted merger talks with its competitor Huntsmann. Sika increased 1.1 percent and Syngenta climbed 0.8 percent.
Actelion finished higher by 0.4 percent. JPMorgan upgraded its rating on the stock to “Overweight.”
LafargeHolcim was among the weakest performing stocks of the session, with a loss of 1.1 percent. Givaudan and SGS weakened by 0.9 percent each. Index heavyweight Nestlé dropped 0.6 percent and Swisscom fell 0.5 percent.
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Plantations International