The Swiss stock market finished to the upside Thursday, with strength in late trading. Early trading was choppy, with concerns about the eurozone, particularly in Italy. The larger than expected increase in U.S. weekly jobless claims also led to a correction around midday.
Rumors were circulating Thursday ahead of the release of the Chinese first quarter gross domestic product report, which is scheduled for Friday. There were rumors that the Chinese GDP had grown to 9.0 percent.
The Swiss Market Index increased by 1.08 percent Thursday and closed at 6,125.39. The Swiss Leader Index rose by 1.30 percent and the Swiss Performance Index gained 1.13 percent.
Shares of Roche were in focus Thursday, after the drug giant reported a 1 percent drop in first-quarter sales. Signaling its willingness to raise its already sweetened offer for U.S.-based gene mapping company Illumina, Roche said its revised $6.7 billion bid is a more than reasonable starting point for negotiations. Roche finished up by 1.6 percent.
Cyclicals were among the biggest gainers during Thursday's session. Kuehne + Nagel climbed by 2.6 percent following price target hikes by both Deutsche Bank and JPMorgan. Holcim gained 2.9 percent, Adecco rose by 2.6 percent and Syngenta finished higher by 2.8 percent.
by RTT Staff Writer
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