The Swiss stock market closed with a very slight gain on Wednesday. The market traded in a narrow range for the bulk of the session, but climbed in the afternoon, after the release of the U.S. GDP data. However those gains eroded heading into the close of the session.
U.S. gross domestic product was upwardly revised to show a 1.7 percent increase in the second quarter, somewhat stronger than the 1.5 percent growth initially reported. Investors continue to await Federal Reserve Chairman Ben Bernanke's speech at the Kansas City Federal Reserve Bank's annual symposium in Jackson Hole, Wyoming on Friday, to see if any new economic stimulus will be forthcoming.
The Swiss Market Index climbed by 0.01 percent Wednesday and finished at 6,421.96. The Swiss Leader Index increased by 0.07 percent and the Swiss Performance Index gained 0.01 percent.
Sonova was one of the largest gainers during Wednesday's session, with an increase of 2.7 percent. Nobel Biocare gained 2.0 percent after receiving a "Buy" rating from Berenberg. Straumann also rose by 2.3 percent, after Berenberg upgraded its rating on the stock to "Buy" from "Hold."
Financial stocks were mixed on Wednesday. Swiss Life was the top gainer, with an increase of 1.7 percent. UBS gained 0.6 percent, but Credit Suisse lost 1.3 percent. Shares of Julius Baer climbed by 0.5 percent.
by RTT Staff Writer
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