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The Swiss Stock Market Is Approaching The 7,000 Point Level

12/11/2012 12:22 PM ET

The Swiss stock market continued the upward trend of the past few weeks on Tuesday and reached a new high for the year. The market is drawing closer to the 7,000 point level. The positive performances by pharmaceutical heavyweights Roche and Novartis helped to drive the market higher.

The market received a boost from the sharp increase in the German ZEW economic sentiment result, which turned positive for the first time since May. The economic situation in Germany is expected to stabilize by early summer of 2013.

The Swiss Market Index climbed by 0.43 percent Tuesday and finished at 6,973.69. The Swiss Leader Index increased by 0.30 percent and the Swiss Performance Index added 0.38 percent.

Shares of Roche advanced by 0.9 percent Tuesday, adding to its gain of 1.1 percent from the previous session. Novartis gained 0.7 percent after releasing encouraging data at the Annual Meeting of the American Society of Hematology. Nestle also finished with a gain of 0.3 percent.

Lonza was one of the top gainers Tuesday, with an increase of 1.4 percent. Swisscom climbed by 0.7 percent, while ABB added 0.8 percent and Sonova gained 0.9 percent.

by RTT Staff Writer

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