The Swiss stocks market ended Friday's session at its highest level since February of 2011. The market began the day in positive territory and broke throughout the 6,600 point mark in early trading. Cyclicals and financial stocks were among the best performers.
One of the main driving forces behind Friday's move was the news that the Spanish government and the European Commission are in talks over measures that would be demanded by creditors if the country places an official bailout request.
The Swiss Market Index rose by 0.75 percent Friday and closed at 6,605.82. The Swiss Leader Index climbed by 0.84 percent and the Swiss Performance Index gained 0.66 percent.
Shares of UBS climbed by 2.3 percent Friday, while Credit Suisse gained 2.2 percent. Julius Baer also finished higher by 0.8 percent. Swiss Life was the top gainer among the insurers. Zurich Insurance rose by 1.0 percent and Baloise added 0.9 percent.
Lonza was one of the largest gainers for the day, with an increase of 3.0 percent. Investors have regained confidence after the company has recently strengthened its capital base. Transocean also climbed by 2.5 percent. Novartis was the leader among the defensive heavyweights, with a gain of 1.5 percent.
by RTT Staff Writer
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