The Swiss stock market finished in the green again on Wednesday, extending its gains from the previous session. Economically sensitive stocks were in high demand, but shares of ABB and Credit Suisse weighed on the market, after their weaker than expected quarterly reports.
The driving force behind today's gains was the better than expected corporate earnings coming from the United States. The results have been strong enough to overshadow the news that the U.K. has slipped into recession and the weaker than expected U.S. durable goods orders. Investors will be watching closely for the announcement from the FOMC meeting regarding U.S. interest rates.
The Swiss Market Index increased by 0.42 percent Wednesday and finished at 6,150.57. The Swiss Leader Index finished higher by 0.90 percent and the Swiss Performance Index gained 0.58 percent.
Shares of Actelion were among the largest gainers on Wednesday. The increase comes ahead of the company's results from its Phase 3 trial of macitentan. Syngenta gained 2.9 percent after the company entered into a partnership with Novozymes.
ABB dropped by 3.2 percent, following the company's weaker-than-expected EBITDA and the cautious outlook. Shares of Credit Suisse fell by 2.5 percent after the company's quarterly report. The banks performance in asset management was criticized.
by RTT Staff Writer
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