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The Swiss Stock Market Clung To A Small Increase On Pharma Strength

The Swiss stock market endured a choppy trading session at the start of the new week and finished with a small gain. The positive performance of the pharma heavyweights helped the market close in the green Monday.

With little happening on the economic front, investors remained focused on the political situation in Italy. Italy is now headed towards a coalition government between the "Five Star Movement" and the (formerly "Northern") "League" after two months of paralysis since the March 4 inconclusive general election.

The Swiss Market Index increased by 0.08 percent Monday and finished at 9,000.89. The Swiss Leader Index dropped 0.17 percent, but the Swiss Performance Index rose 0.03 percent.

Roche climbed 1.2 percent and Novartis added 0.9 percent.

The U.S. FDA has approved Novartis' multiple sclerosis drug Gilenya for use in pediatric patients. The FDA has also approved an additional claim for Roche's cobas Zika test.

Meanwhile, food giant Nestle finished with a loss of 0.4 percent.

Financial stocks were under pressure at the start of the new trading week. Credit Suisse sank 1.3 percent and UBS fell 0.9 percent. Zurich Insurance weakened by 0.8 percent and Swiss Life surrendered 0.50 percent. Swiss Re also dropped 0.9 percent.

Givaudan and ABB declined by 0.8 percent each.

Sika climbed 1.5 percent and Richemont gained 1.2 percent.

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