The Swiss stock market ended the first day of the new trading week in positive territory, but off the highs of the session. The market climbed above the 8,000 point level Monday, but ended the day just below it.
The market got off to a strong start after the Chinese GDP result for the second quarter matched expectations. The result relieved investors, who were nervous about the number following the weak first quarter result. The economic data released by the U.S. in the afternoon had little impact on the market. U.S. retail sales came in weaker than expected, but the New York manufacturing data was surprisingly strong.
The Swiss Market Index increased by 0.20 percent Monday and finished at 7,999.15. The Swiss Leader Index advanced by 0.34 percent and the Swiss Performance Index added 0.21 percent.
Kuehne + Nagel was the standout performer of the session, with a gain of 2.0 percent. The logistics firm reported higher profit and revenue for the second quarter. Sulzer increased by 1.4 percent, while Adecco added 1.2 percent. Sika and Clariant both advanced by 0.9 percent and Holcim gained 0.8 percent.
Financial stocks also turned in a positive performance at the start of the new trading week. Credit Suisse climbed by 0.7 percent, while UBS and Julius Baer both gained 0.5 percent. Swiss Life increased by 1.2 percent, Swiss Re rose by 1.1 percent and Zurich Insurance added 0.8 percent.
by RTT Staff Writer
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