The Swiss Stock Market Finished Just Below The 8,000 Point Level

(RTTNews) - The Swiss stock market ended Tuesday's session with a gain, thanks to the strong performance of the defensive heavyweights. The market rose above the 8,000 point level for the first time in 2 1/2 months on Tuesday, but was unable to close above that level.

Economic data was positive Tuesday with better than expected Italian GDP and British industrial production data. German manufacturing orders also increased faster-than-expected, while U.S. trade deficit narrowed by much more than anticipated. However, investor concerns over potential Fed tapering had a negative impact on sentiment.

The Swiss Market Index increased by 0.22 percent Tuesday and finished at 7,996.79. The Swiss Leader Index fell by 0.05 percent, but the Swiss Performance Index gained 0.19 percent.

The strong performance of the index heavyweights provided support to the overall market Tuesday. Novartis increased by 0.7 percent, while Roche and Nestle both gained 0.6 percent. Nestle is due to report earnings on Thursday.

Cyclicals also turned in a positive performance Tuesday. Schindler climbed by 2.7 percent and Sonova gained 2.4 percent. Richemont advanced by 1.6 percent, Givaudan added 1.3 percent and Kuehne + Nagel rose by 1.4 percent.