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The Swiss Stock Market Climbed On Strength Of Defensive Heavyweights

The Swiss stock market climbed during the first few hours of trade Thursday, but pared its gains around midday. The solid performance of the defensive heavyweights helped to fuel the increase, as investors turned cautious ahead of today's policy decision from the Federal Reserve.

The Fed is widely expected to leave interest rates unchanged later today, but the accompanying statement may shed additional light on the anticipated rate hike in December.

The Swiss Market Index increased by 0.49 percent Thursday and finished at 9,094.90. The Swiss Leader Index climbed 0.19 percent and the Swiss Performance Index gained 0.33 percent.

The index heavyweights all finished in the green Thursday. Roche and Novartis climbed 0.9 percent each and Nestle added 0.5 percent.

UBS advanced 1.3 percent, Julius Baer rose 1 percent and Credit Suisse gained 0.9 percent. Swiss Re climbed 1.8 percent, Swiss Life increased 0.8 percent and Zurich Insurance added 0.2 percent.

Swatch Group dropped 1.7 percent and rival Richemont fell 0.9 percent.

Sika was another notable decliner, with a loss of 1.8 percent.

SGS sank 4 percent after it lowered its forecast for the full year 2020.

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