The Swiss stock market ended Monday's trading session with a gain. The market was driven by the adoption of the austerity package by the Greek Parliament. The news translated into gains Monday, especially among the insurance and banking stocks.
The market began the day with a positive open. Early gains began to shrink for a short time, before a new upswing took over. Afternoon trading was supported by the good mood among the U.S. markets.
The Swiss Market Index rose by 44 points Monday and finished at 6,177, a gain of 0.76%. The Swiss Leader Index climbed by 0.59% and the Swiss Performance Index increased by 0.68%.
The result of the Greek Parliament vote fulfilled the prerequisite for new funding and is a step towards the adoption of the second aid package. Among the financial stocks, Swiss Life was the top gainer, with an increase of 2.1%. Fellow insurers ZFS and Swiss Re finished up by 1.7% and 1.0% respectively. Baloise also closed higher by 1.7%.
Banking stocks were also solidly higher Monday. UBS climbed by 1.6% and Credit Suisse rose by 1.5%. Other notable gainers today were Clariant, with an increase of 1.9%, Lonza, which rose by 1.6% and Actelion finished up by 1.4%.
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