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The Swiss Stock Market Closed Higher Tuesday Despite Novartis Weakness

The Swiss stock market finished in positive territory on Tuesday, rebounding from Monday's decline. The market's gains were smaller than the rest of the major European markets, largely due to the weakness in shares of Novartis, one of its most heavily weighted stocks.

The market was positive in early trade Tuesday, after the successful bond auctions in Spain, Italy and the Netherlands eased the concerns of investors. The U.S. new home sales and consumer confidence reports provided further support in the afternoon.

The Swiss Market Index climbed by 0.16 percent Tuesday and finished at 6,124.84. The Swiss Leader Index gained 0.46 percent and the Swiss Performance Index increased by 0.28 percent.

Shares of Novartis declined by 1.5 percent Tuesday, following the company's weaker than expected first quarter report. Roche finished with a modest gain of 0.2 percent.

Bank stocks rebounded from Monday's losses on Tuesday. Credit Suisse rose by 1.5 percent and UBS climbed by 1.2 percent. Julius Baer ended the session higher by 1.3 percent.

by RTT Staff Writer

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