The Swiss Stock Market Climbed On Pharma Strength

(RTTNews) - The Swiss stock market ended Friday's session with a significant increase. The market got off to a solid start and continued to advanced throughout the session. The strong performance of the pharmaceutical heavyweights provided a boost to the market. Despite the strong gain today, the market ended a turbulent trading week with an overall loss.

Investors got the clarity they were hoping for on U.S. monetary policy after a speech from Janet Yellen. Fed chief Janet Yellen stated late yesterday that the Fed remains on track to raise interest rates by year's end. Specifically, Yellen said the more "prudent strategy is to begin tightening in a timely fashion and at a gradual pace."

The Swiss Market Index climbed by 2.75 percent Friday and finished at 8,505.94. The SMI ended the trading week with an overall loss of 2.7 percent. The Swiss Leader Index rose 2.38 percent Friday and the Swiss Performance Index added 2.52 percent.

Aryzta dropped by 6.1 percent Friday, after it announced that it placed an offering of 36.3 million shares of Irish agribusiness company Origin Enterprises. The company raised gross proceeds of 228.6 million euros.

Transocean declined by 3.7 percent on reports of possible involvement in a corruption scandal in Brazil. The oil drilling service company was named in a media report related to the corruption scandal involving the Brazilian state company Petrobras.

The index heavyweights all finished solidly to the upside at the end of the trading week. Novartis gained 3.3 percent and Roche added 2.7 percent. Shares of Nestle also advanced by 2.8 percent.

The luxury goods companies also finished with notable gains. Richemont climbed 3.6 percent and Swatch added 1.9 percent. Berenberg reiterated Richemont as a "Top Pick."

The financial stocks also turned in a positive performance. UBS increased 3.8 percent and Julius Baer rose 3.4 percent. Credit Suisse also finished up by 2.5 percent.