The Swiss stock market finished in the green on Tuesday. Investors fled to the safety of defensive stocks today and the defensive alignment of the SMI helped it to finish with a larger gain than the majority of the European markets.
The situation in Spain remains uncertain, despite the EUR 100 billion in assistance from the Eurozone the country obtained over the weekend, to help its struggling banking sector. The yield on Spanish government bonds climbed sharply on Tuesday, to around 6.8 percent. Investors are also watching for the result of the second round of elections in Greece, which will take place this weekend.
The Swiss Market Index rose by 0.83 percent Tuesday and finished at 5,919.88. The Swiss Leader Index climbed by 0.46 percent and the Swiss Performance Index gained 0.61 percent.
The defensive heavyweights were among the best performers on Tuesday. Roche climbed by 1.6 percent and Novartis increased by 1.1 percent. Shares of Nestle finished higher by 1.3 percent.
Julius Baer rose by 2.7 percent after UBS upgraded the stock to "Buy" from "Neutral." Credit Suisse fell by 1.9 percent after Societe Generale downgraded the stock to "Sell" from "Hold."
by RTT Staff Writer
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