The Swiss stock market closed with a slight increase Friday, thanks to gains among financial stocks and cyclicals. The heavily defensive index experienced a more modest gain than the majority of the European markets. The SMI managed to climb by 0.7 percent for the week.
All eyes will be on Greece this weekend as the country's second round of elections will be held on Sunday. The election result could determine whether Greece remains a part of the Eurozone. Global central banks are reportedly prepared to take concerted emergency measures in case of an unfavorable outcome of the election.
The Swiss Market Index rose by 0.06 percent Friday and finished at 5,911.82. The Swiss Leader Index increased by 0.42 percent and the Swiss Performance Index gained 0.25 percent.
Financial stocks were among the top performers on Friday. Credit Suisse climbed by 4.1 percent, but only partially recovered from yesterday's sharp decline of 10.5 percent. UBS finished with a gain of 1.5 percent.
Cyclicals also performed well at the close of the trading week. Clariant climbed by 2.8 percent and Logitech gained 2.4 percent. Adecco rose by 1.9 percent and Geberit added 0.9 percent.
by RTT Staff Writer
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