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The Swiss Stock Market Advanced Further On Hopes For Trade Agreement

The Swiss stock market ended Wednesday's session firmly in the green, extending its gains from the previous day. Investors remain upbeat on the prospect of a trade deal between the U.S. and China.

U.S. President Donald Trump expressed optimism about striking a trade deal with Chinese President Xi Jinping in an interview with Reuters on Tuesday. Trump noted that trade talks between U.S. and Chinese officials were underway by telephone and suggested more meetings are likely.

The Swiss Market Index increased by 1.68 percent Wednesday and finished at 8,861.14. The Swiss Leader Index climbed 1.86 percent and the Swiss Performance Index added 1.61 percent.

Index heavyweight Roche gained 2.2 percent, after it reached a collaboration with Merck to develop a companion diagnostic test to identify patients eligible for anti-PD-1 therapy based on the status of a biomarker in advanced solid tumors.

Novartis rose 1.3 percent and Nestle increased 0.9 percent.

Credit Suisse advanced 2.5 percent after it announced a share buyback of up to 1.5 billion Swiss francs in 2019.

Julius Baer climbed 2.9 percent and UBS added 2.3 percent.

Swatch Group jumped 3.3 percent and rival Richemont finished higher by 1.5 percent.

ABB was among the top gainers of the session, with an increase of 4 percent. Sika also closed higher by 3.3 percent.

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