The Swiss stock market closed to the upside again on Friday and ended the trading week in positive territory. The positive performance from the index's most heavily weighted stocks helped the market to hold on to a modest gain on Thursday, while the rest of Europe slipped into the red. Investors were disappointed after the ECB's Mario Draghi announced no concrete measures such as bond purchases of struggling peripheral nations to curb the region's debt crisis on Thursday.
The mood among investors was far more upbeat on Friday, especially after the larger than expected increase in U.S. non-farm payroll employment for July. The unexpected increase in the U.S. unemployment rate had little impact on investor sentiment.
The Swiss Market Index climbed by 0.85 percent Friday and finished at 6,461.54. The Swiss Leader Index gained 1.29 percent and the Swiss Performance Index rose by 0.88 percent.
Shares of Givaudan were in focus on Friday, after the flavor and fragrance manufacturer reported results for the first half of the year. The stock dropped by 3.6 percent despite reporting slightly higher sales.
Financial stocks were among the best performers during Friday's session. Credit Suisse increased by 4.6 percent and UBS added 3.6 percent. Swiss Life gained 4.8 percent and Baloise climbed by 2.3 percent.
by RTT Staff Writer
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