The Swiss stock market continued its march to the upside Wednesday with a strong performance that drove the market above the 8,300 point level. The market was driven higher by the strong performance of its most heavily weighted stocks.
Weaker than expected GDP data from the Eurozone, including Germany and France, was unable to dent the momentum of the Swiss market. Data released by the U.S. in the afternoon also had no impact on the market, despite the weaker than expected industrial production data.
The Swiss Market Index increased by 1.53 percent Wednesday and finished at 8,313.08. The Swiss Leader Index climbed by 1.35 percent and the Swiss Performance Index added 1.40 percent.
Novartis advanced by 2.0 percent Wednesday and Roche gained 1.6 percent. Berenberg raised its price target on both stocks and confirmed its 'Buy' rating on them. Shares of Nestle increased by 1.2 percent.
Luxury goods companies Swatch and Richemont climbed by 2.9 percent and 2.8 percent respectively, ahead of their reports on Thursday. Among the big banks, UBS gained 2.4 percent and Credit Suisse added 1.5 percent.
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