Bank Strength Helps Swiss Stock Market Post A Small Gain

(RTTNews) - The Swiss stock market ended the first session of the new trading week with a small increase. The market got off to a strong start, but pared its gains over the course of the morning and slipped into the red around midday. However, the market managed to pop back into the green in late trade.

Financial stocks were among the best performers throughout Europe Monday. The banks provided a boost to the Swiss market, but the weak performance of the index heavyweights limited the market's upside. The early struggles on Wall Street also had an impact on investor sentiment.

The Swiss Market Index increased 0.21 percent Monday and finished at 7,896.85. The SMI reached an intraday high of 7,976 points. The Swiss Leader Index climbed 0.84 percent and the Swiss Performance Index added 0.12 percent.

Credit Suisse was the top gainer of the session, with an increase of 5.9 percent. UBS advanced 5.5 percent and Julius Baer gained 3.0 percent. The prospect of less regulation on banks during a Donald Trump presidency in the U.S. drove the sector higher.

Cyclical stocks were also among the gainers at the start of the trading week. LafargeHolcim rose by 2.1 percent. The cement group will hold its investor conference on Friday. Adecco increased 2.9 percent, Actelion climbed 3.6 percent and Aryzta added 3.7 percent.

Shares of Sonova finished higher by 1.1 percent. The hearing system manufacturer reported increased sales and operating profit in the first half of the year, meeting analysts' expectations. The company also reaffirmed its full year forecast.

The index heavyweights all finished in the red Monday. Novartis decreased 0.5 percent and Roche surrendered 0.4 percent. Novartis is reportedly considering the sale of its struggling Alcon eye care division. Shares of Nestlé also dropped 1.0 percent.

SGS and Schindler each weakened by 1.8 percent. Sika declined 1.3 percent, Lonza forfeited 1.0 percent and Syngenta lost 0.8 percent.