The Swiss Stock Market Climbed After Strong Performance From Index Heavyweights
BRUSSELS (dpa-AFX) - The Swiss stock market ended Friday's session in the green and concluded the trading week with an overall gain. The market managed to cross the 8,500 point level thanks in large part to the solid performance of the index heavyweights.
The Swiss Market Index increased by 0.46 percent Friday and finished at 8,506.49. The SMI ended the trading week with an overall gain of 0.6 percent. The Swiss Leader Index climbed 0.03 percent Friday and the Swiss Performance Index added 0.39 percent.
Index heavyweight Nestlé jumped 1.9 percent. The stock accelerated higher in the afternoon following the announcement that Unilever had received a takeover offer from U.S. company Kraft Heinz. Novartis climbed 1.1 percent and Roche added 0.3 percent.
Clariant was the top performer of the session, with an increase of 2.2 percent. The specialty chemicals company reported solid results for the full year on Thursday. Goldman Sachs upgraded its rating on the stock to "Buy" from "Neutral."
Galenica increased 1.2 percent and Aryzta rose 1.1 percent.
Credit Suisse advanced 1.0 percent after positive comments from both Merrill Lynch and Morgan Stanley.
Meanwhile, the rest of the financial stocks struggled. Julius Baer decreased 0.9 percent and UBS fell 0.8 percent. Insurer Bâloise also weakened by 1.2 percent.
Richemont was another notable decliner, with a loss of 2.0 percent and Dufry surrendered 1.7 percent.
Copyright RTT News/dpa-AFX