The Swiss stocks market extended its gains from the prior trading session on Thursday. Markets across Europe were largely positive due to the strength of some recent earnings reports. The SMI would have finished with even greater gains, but retreated in late trading after some weak U.S. economic data.
The U.S. had several weaker than expected economic reports out today, including a larger than expected fall in its leading economic index. The U.S. also reported an unexpected decline in existing home sales and the Philly Fed index also fell short of expectations.
The Swiss Market Index increased by 0.93 percent Thursday and finished at 6,323.64. The Swiss Leader Index rose by 1.13 percent and the Swiss Performance Index gained 0.97 percent.
Pharmaceutical stocks were in focus after earnings were released by both Actelion and Novartis. Actelion climbed by 5.7 percent after its report surpassed expectations. The company also increased its 2012 forecast.
Novartis gained 1.7 percent following its earnings report. The company also reaffirmed its previous guidance for the full year. Shares of Roche climbed by 0.5 percent, after the company received FDA clearance for a new version of its Accu-Chek devices.
Shares of Holcim rose by 4.6 percent, after Exane BNP named the stock a "top pick." Richemont shares climbed by 3.1 percent and Swatch increased by 2.1 percent after reporting strong watch export numbers for June.
by RTT Staff Writer
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