The Swiss Stock Market Finished Up, But Well Of Session High

(RTTNews) - The Swiss stock market ended Thursday's session in the green, but finished well off its intraday high. The market jumped at the open, in response to yesterday's interest rate hike by the U.S. Federal Reserve, which was announced after the European close.

The Fed announcement has removed some uncertainty from the markets after many months of speculation. However, early gains began to erode after the first hour of trade. The weak opening of the U.S. markets and the disappointing Philly Fed index were largely responsible for the pull back. Markets in the U.S. were also under pressure due to weakness in commodity prices, especially crude oil.

The Swiss Market Index increased 0.61 percent Thursday and finished at 8,656.30. The SMI hit an intraday high of 8,795 points. The Swiss Leader Index climbed 0.66 percent and the Swiss Performance Index added 0.61 percent.

Financial stocks were among the strongest performer, after the Fed hiked rates. Julius Baer led the way, with an increase of 3.5 percent. UBS gained 2.6 percent and Credit Suisse rose 1.5 percent. Exane BNP initiated coverage on shares of Credit Suisse with a "Neutral" rating.

Swiss Life advanced 1.9 percent and Swiss Re added 1.5 percent. Jefferies upgraded its rating on shares of Swiss Re to "Buy" from "Hold."

Cyclical stocks were also among the gainers. Clariant increased 2.1 percent and ABB rose 0.7 percent. Galenica advanced 2.2 percent and Lonza added 1.3 percent.

The index heavyweights all finished in the green Novartis was the top gainer, with an increase of 0.8 percent. Nestlé climbed 0.5 percent and Roche rose 0.1 percent.