The Swiss stock market ended Monday's session in positive territory, after recovering from some weakness during the middle portion of the trading session. Investors were cautious ahead of some highly anticipated speeches at the end of the week from top central bankers. U.S. Fed Chairman Ben Bernanke will give a speech at the Kansas City Federal Reserve Bank's annual symposium in Jackson Hole, Wyoming on Friday and European Central Bank President Mario Draghi is expected to speak on Saturday.
The trading session lacked any major market moving news. The German IFO business confidence data came in weaker than anticipated Monday and the U.K. market was closed for a banking holiday.
The Swiss Market Index climbed by 0.24 percent Monday and finished at 6,491.28. The Swiss Leader Index rose by 0.46 percent and the Swiss Performance Index gained 0.25 percent.
Financial stocks performed well at the start of the new trading week. UBS climbed by 1.3 percent, Julius Baer gained 1.1 percent and Credit Suisse rose by 0.1 percent. Baloise finished higher by 0.7 percent and Zurich Insurance added 0.3 percent.
Cyclicals were also among the positive performers Monday. Transocean rose by 2.9 percent and Nobel Biocare closed up by 1.9 percent. Sonova increased by 1.5 percent and Kuehne + Nagel and Adecco both gained 0.9 percent.
by RTT Staff Writer
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