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The Swiss Stock Market Closed Higher Friday Despite Nestle's Weakness

4/20/2012 12:59 PM ET

The Swiss stock market ended Friday's session to the plus side and managed to post a gain for the trading week. The market dipped into the red briefly this morning, but managed to recover and close near its intraday high. A positive performance by the overall market helped to outweigh the weakness in shares of Nestle.

Concerns over the situation in Spain relaxed Friday morning, especially after the better than expected German IFO business sentiment report. The stock market rally in the U.S helped to provide support in the afternoon. The U.S. rally was sparked by the strong earnings results from large cap companies such as General Electric and Microsoft.

The Swiss Market Index climbed by 0.55 percent and closed Friday at 6,237.79. The Swiss Leader Index gained 0.37 percent and the Swiss Performance Index closed higher by 0.49 percent.

Shares of index heavyweight Nestle fell by 0.2 percent Friday. The company confirmed its 2012 sales growth forecast after reporting a 5.6 percent increase in first-quarter sales.

Shares of Roche climbed by 2.6 percent. Roche has continued to recover since it announced that it will not renew its tender offer to acquire Illumina. Novartis also finished with a gain of 0.5 percent.

by RTT Staff Writer

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