The Swiss Stock Market Finished Moderately Higher Again

(RTTNews) - The Swiss stock market ended Thursday's session with a modest increase, much like the gain of the prior session. After directionless trade this morning, the market climbed into the green in the afternoon. The late gains were attributed to the positive performance of the U.S. markets and some mixed U.S. economic data, which investors viewed positively.

Investors have turned more cautious over the past 2 sessions, following the strong gains earlier this week. The Federal Reserve released the minutes from its most recent meeting late Wednesday, which had little impact on the market today. The Fed indicated that only a "few" of its members anticipate raising interest rates in June.

The Swiss Market Index climbed by 0.49 percent Thursday and finished at 9,365.35. The Swiss Leader Index rose by 0.39 percent and the Swiss Performance Index gained 0.42 percent.

Transocean gained 3.5 percent, after it announced that it has reached two separate settlement agreements. Together the agreements resolve substantially all outstanding claims against the company arising from the 2010 Deepwater Horizon event in the Gulf of Mexico.

Zurich Insurance climbed by 1.4 percent. The company announced that it is on track to achieve its 2016 targets.

Julius Baer rose by 1.4 percent, adding to its recent gains. By contrast, the rest of the banks finished in the red. Credit Suisse dipped by 0.2 percent and UBS fell by 0.4 percent.

Richemont gained 0.9 percent, ahead of its earnings report Friday. Sonova was another notable upside performer, with an increase of 1.5 percent.

The index heavyweights all finished in the green. Novartis climbed by 1.0 percent, after it reported positive study data for cancer drug Afinitor. Roche climbed by 0.5 percent, after Jefferies raised its price target on the stock. Nestle also closed higher by 0.1 percent.