The Swiss stock market extended its recent gains on Thursday, following the surprise announcement that China reduced its interest rate and the positive result of the Spanish government bond auction. The positive open and early rally in the U.S. also lent support to the market.
The slight decline in U.S. weekly jobless claims had little impact on the market. However, the market trimmed some of its early gains in the afternoon, after U.S. Federal Reserve Chairman Ben Bernanke testified before the Joint Economic Committee.
The Swiss Market Index climbed by 0.80 on Thursday and finished at 5,869.21. The Swiss Leader Index gained 1.09 percent and the Swiss Performance Index finished higher by 0.86 percent.
Watch maker Swatch was one of the top gainers on Thursday, with an increase of 4.6 percent. Fellow luxury good company Richemont also climbed by 2.2 percent. Also among the positive performers were shares of Holcim, which rose by 1.3 percent. SGS gained 2.0 percent and Adecco closed up by 1.5 percent.
Financial stocks extended their gains from the previous session. Credit Suisse rose by 3.3 percent and UBS climbed by 1.3 percent. Julius Baer closed higher by 1.9 percent.
by RTT Staff Writer
For comments and feedback: email@example.com