The Swiss stock market finished to the upside Friday, following 3 consecutive days of losses. Shares of financial and cyclical stocks provided strength to the market today. The announcement that EU finance ministers agreed to boost the firewall and the better than expected U.S. consumer sentiment report also contributed to the positive mood.
The end of the quarter has led some institutional investors to portfolio adjustments. Some of the gains in the SMI were attributed to these "window dressing" transactions.
The Swiss Market Index climbed by 0.96 percent Friday and closed at 6,235.51. The Swiss Leader Index increased by 1.10 percent and the Swiss Performance Index finished higher by 0.96 percent.
Julius Baer was the top gainer among financial stocks, with an increase of 3.1 percent. Credit Suisse rose by 0.4 percent and UBS finished higher by 0.6 percent. Insurer ZFS increased by 1.6 percent and Swiss Life climbed by 1.4 percent. Swiss Re ended the session with a gain of 0.8 percent.
Among the economically sensitive cyclical stocks, Holcim was the top gainer, with an increase of 2.4 percent. The target price of the cement company was raised both by Exane BNP and HSBC. Shares of ABB gained 2.2 percent, SGS climbed by 2.2 percent and Schindler PS increased by 2.0 percent.
by RTT Staff Writer
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