The Swiss stock market managed to recover a bit from the losses of the past few days on Thursday, ending the session with a modest gain. The market was able to re-cross the 6,500 point level, after the positive performance of the defensive heavyweights.
The mood among investors was cautious Thursday, ahead of the announcement from the U.S. FOMC meeting later today. Many are hoping to hear news of a third round of quantitative easing, while others are speculating on further monetary policy easing.
The Swiss Market Index climbed by 0.36 percent Thursday and finished at 6,513.22. The Swiss Leader Index gained 0.16 percent and the Swiss Performance Index added 0.36 percent.
Julius Baer was one of the top gainers Thursday, rising by 2.9 percent. The stock has been under pressure since it announced the acquisition of the international wealth management business of Merrill Lynch, but bounced back Thursday after comments that the stock has clear potential for recovery. The big banks did not fare quite as well today, Credit Suisse declined by 1.2 percent and UBS lost 0.2 percent.
The defensive heavyweights all finished in positive territory Thursday. Shares of Nestle finished higher by 0.4 percent. Roche climbed by 0.9 percent and Novartis gained 0.5 percent.
by RTT Staff Writer
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