The Swiss stock market finished Friday's trading session in the green, but posted a modest loss for the trading week. The market fell into negative territory temporarily in the morning, after the release of a message by the European Central Bank. The emergency loan repayments of Euro area banks were lower than expected.
However, the market recovered due to the largely positive economic results reported by the United States in the afternoon. The ISM manufacturing data, construction spending and the upward revision to consumer sentiment were all view positively. However, employment in the U.S. increased slightly less than expected in January and the unemployment rate unexpectedly edged up.
The Swiss Market Index increased by 0.40 percent Friday and finished at 7,420.35. The SMI ended the trading week with a loss of 0.05 percent. The Swiss Leader Index climbed by 0.84 percent Friday and the Swiss Performance Index added 0.51 percent.
Financial stocks performed well at the end of the trading week. Credit Suisse increased by 1.8 percent and UBS gained 0.6 percent. Julius Baer finished higher by 0.8 percent.
Luxury goods companies also turned in a strong performance Friday. Swatch advanced by 3.6 percent. Morgan Stanley has rated Swatch at "Overweight" and JP Morgan has rated it a "Neutral." Richemont also climbed by 3.0 percent, after its French competitor LVMH provided guidance.
by RTT Staff Writer
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