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The Swiss Stock Market Rose As Defensive Heavyweights Provide Support

The Swiss stock market ended the first session of the new trading week with a modest gain, bucking the overall trend in Europe. The positive performance of the index heavyweights provided support to the overall market. The early recovery on Wall Street also proved encouraging to investors.

The Swiss Market Index increased by 0.31 percent Monday and finished at 9,162.74. The Swiss Leader Index dropped 0.16 percent, but the Swiss Performance Index gained 0.16 percent.

Nestlé and Novartis both climbed 1.1 percent Monday and Roche added 0.3 percent. Novartis announced a collaboration with Homology Medicines to develop therapies for genetic blood and eye diseases.

Sonova sank 2.4 percent, but had been down nearly 10 percent in early trade. The hearing aid manufacturer reported first half sales that came in below expectations.

Clariant weakened by 1.6 and Partners Group lost 1.2 percent. Logitech declined 0.9 percent and Lonza fell 0.5 percent.

Swatch and Richemont both finished lower by 0.2 percent. UBS downgraded its rating on both luxury goods companies to "Neutral" from "Overweight."

Credit Suisse surrendered 1.1 percent. The bank remains in the focus of hedge fund manager Rudolf Bohli. UBS also closed down by 0.5 percent.

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