(RTTNews.com) – The Swiss stock market ended Tuesday’s session with a modest increase, adding to the slight gains of the previous session. The market broke through the 8,200 point level in early trade and managed to close above it as well. The market is attempting to recover from the consolidation of the previous week.
The mood among investors remained one of caution Tuesday. Traders remain focused on the uncertain outlook for U.S. monetary policy. After some hawkish comments from Fed officials last week, investors are looking forward to comments from Fed Chair Janet Yellen
at the end of the week. Traders are hopeful that Yellen will provide some clarity on whether the Fed intends to announce a rate increase in September.
The Swiss Market Index increased 0.54 percent Tuesday and finished at 8,201.61. The Swiss Leader Index gained 0.88 percent and the Swiss Performance Index added 0.49 percent.
Among the cyclicals, Adecco and Dufry both gained 2.1 percent each.
The pharmaceutical heavyweights ended the session in the green. Novartis increased 0.6 percent and Roche added 0.2 percent. However, shares of Nestle ended the day with a loss of 0.2 percent. Fitch Ratings has downgraded its credit rating on Nestle to “AA” from “AA+.”
Swatch decreased 0.4 percent after another weak report for Swiss watch exports. Total shipments dropped 14.2 percent in July. Meanwhile, rival Richemont closed up by 0.1 percent.
Syngenta weakened by 0.6 percent, after surging by 11 percent on Monday. The stock jumped after ChemChina received clearance from the U.S. regulator CFIUS for its acquisition of Syngenta.
In the broad market, medical device manufacturer Straumann Holding rose 1.4 percent after reporting better-than-expected first-half results and raising its full-year revenue guidance for a second time this year.
For comments and feedback: contact editorial@rttnews.com
Plantations International