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The Swiss Stock Market Climbed On Strength Of Insurers

The Swiss stock market ended the first session of the new trading week firmly in positive territory. Investors were in a mood to take on more risk Monday after North Korea refrained from another missile launch over the weekend. Many has suspected that North Korea would do so, to coincide with its national holiday on Saturday.

Investors were also relieved that Hurricane Irma caused less damage to Florida and surrounding areas than had been predicted. The storm continues to batter the region, but has been downgraded to a tropical storm.

The Swiss Market Index increased by 0.79 percent Monday and finished at 8,982.23. The Swiss Leader Index climbed 1.21 percent and the Swiss Performance Index added 0.83 percent.

Insurance stocks enjoyed a relief rally due to Hurricane Irma. The stocks had been under pressure at the end of the previous trading week, when damage estimates had been more dire. Swiss Re jumped 4.3 percent and Zurich Insurance rose 2.6 percent. Bâloise increased 2.4 percent and Swiss Life added 2.3 percent.

Credit Suisse advanced 2.4 percent and UBS added 1.4 percent. Partners Group finished higher by 2.4 percent, ahead of its earnings report tomorrow.

Among the index heavyweights, Novartis rose 0.5 percent, but Roche weakened by 1.3 percent. Roche was under pressure due to disappointing study results for its drugs Zelobraf and Lampalizumab. Nestlé ended the day with a gain of 0.9 percent.

SGS advanced 1.6 percent after an upgrade from Credit Suisse. Swatch also closed up by 1.3 percent.

by RTTNews Staff Writer

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