The Swiss stock market has added to its momentum from the previous trading week and closed with a gain Monday. A strong performance from financial and cyclical stocks helped the market to cross the 6,400 point mark.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have vowed to defend the euro, close on the heels of a similar agreement between Merkel and French President Francois Hollande. Italy and Spain both saw their borrowing costs ease on Monday as investor confidence improved on hopes of some crucial action from the European Central Bank, which holds its rate-setting session later this week.
The Swiss Market Index climbed by 0.62 percent Monday and finished at 6,402.38. The Swiss Leader Index gained 0.86 percent and the Swiss Performance Index added 0.62 percent.
Shares of UBS increased by 3.9 percent, ahead of tomorrow's quarterly report. Credit Suisse also gained 0.5 percent. Baloise climbed by 2.3 percent, Swiss Life rose by 2.1 percent and Swiss Re finished up by 0.9 percent.
Among the cyclicals, Logitech closed higher by 2.9 percent. Adecco rose by 3.2 percent, Nobel Biocare added 2.4 percent and Sika finished with a gain of 1.7 percent.
by RTT Staff Writer
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