The Swiss stock markets finished to the upside on Tuesday, recovering from yesterday's losses. The market got off to a positive start, but then lost some of its momentum. The better than expected U.S. retail sales report provided a boost in the afternoon.
The U.S. reported an 0.8 percent increase in retail sales for the month of July. The result was notably stronger than the 0.3 percent growth predicted by most economists.
The Swiss Market Index climbed by 0.62 percent Tuesday and finished at 6,505.98. The Swiss Leader Index increased by 0.47 percent and the Swiss Performance Index gained 0.61 percent.
The defensive heavyweights all finished to the upside Tuesday and provided support to the overall market. Roche rose by 1.0 percent and Novartis gained 1.1 percent. Shares of Nestle added 0.50 percent.
Geberit was one of the best performing stocks on the day, with a gain of 3.0 percent. The company's half year results exceeded the consensus expectations. Schindler also reported earnings, but they were less well received, despite being in line with expectations. The stock ended the session unchanged.
by RTT Staff Writer
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