The Swiss Stock Market Extended Yesterday's Gains

(RTTNews) - The Swiss stock market climbed further Tuesday, adding to the sharp gains of the previous session. The market got off to a weak start, but turned positive and extended its gains going into the close. Investors continue to monitor the most recent polls ahead of Thursday's U.K. referendum, which were more mixed then those released over the weekend.

Federal Reserve Chair Janet Yellen spoke before the Senate Banking Committee in Washington in the afternoon. Yellen said Thursday's Brexit vote could have "significant economic repercussions" if the British decide to leave the European Union. Yellen also stated that she still expects 'gradual' rate hikes as global headwinds die down.

The Swiss Market Index increased 0.45 percent Tuesday and finished at 7,935.75. The SMI hit an intraday high of 7,952 points late in the afternoon. The Swiss Leader Index climbed 0.28 percent and the Swiss Performance Index added 0.40 percent.

UBS was the best performing stock of the session, with an increase of 1.4 percent. The stock was driven higher by speculation that the bank is planning to sell its American wealth management business. Julius Baer advanced 1.1 percent and Credit Suisse rose 0.4 percent.

Sonova gained 1.1 percent after Morgan Stanley upgraded its rating on the stock to "Equal weight" from "Underweight."

Galenica was another notable gainer, with an increase of 1.1 percent. Index heavyweight Nestle also shined, rising 1.0 percent. Novartis climbed 0.5 percent, while Roche added 0.1 percent. However, fellow pharmaceutical company Actelion finished lower by 0.2 percent.

The two luxury goods companies were under pressure following the release of the latest Swiss watch export data. Swatch declined 1.3 percent and Richemont fell 0.8 percent. Swiss watch exports declined significantly in May 2016, the third consecutive drop.