The Swiss Stock Market Finished Higher After U.S. Employment Report

(RTTNews) - The Swiss stock market ended Friday's session with a modest gain. Trading was cautious during the first half of the day, but picked up following the release of the stronger than expected U.S. jobs report for February. The jobs data has reinforced the belief among investors that the Federal Reserve is likely to hike interest rates at their meeting next week.

The U.S. Labor Department said non-farm payroll employment jumped by 235,000 jobs in February after surging up by a revised 238,000 jobs in January. Economists had expected employment to climb by about 195,000 jobs. Meanwhile closer to home, German trade data beat expectations, while industrial output data from France and the U.K. disappointed.

The Swiss Market Index increased by 0.35 percent Friday and finished at 8,669.97. The Swiss Leader Index climbed 0.37 percent and the Swiss Performance Index added 0.38 percent.

Lonza was among the top performing stocks of the session, with an increase of 1.7 percent. Sika gained 1.1 percent after Bernstein raised its price target on the stock and maintained its "Outperform" rating.

Galenica climbed 1.2 percent ahead of its earnings report next week Tuesday. Swisscom also finished higher by 0.9 percent.

Bank stock benefitted from the prospect of rising interest rates in the United States. Credit Suisse increased 0.8 percent and Julius Baer rose 0.7 percent. UBS also added 0.4 percent.

Schindler advanced 0.9 percent, while Swatch and Geberit climbed 0.7 percent each.