The Swiss Stock Market Rallied Higher Following Yesterday's Dip

(RTTNews) - The Swiss stock market finished solidly in positive territory Thursday, following yesterday's modest pull back. The strong performance of the index heavyweights provided a boost to the overall market and the proposed merger of Holcim and France's Lafarge took another step towards completion. The market pared its gains heading into the close, due to weakness in the U.S. markets.

Investors were cautious yesterday, ahead of the release of the minutes from the most recent Federal Reserve meeting. The minutes showed that Federal Reserve officials are divided over when to begin raising interest rates. Several participants determined that the economic data and outlook were likely to warrant beginning the process of raising rates in June. However, others said conditions would not be appropriate to begin raising rates until later in the year.

The Swiss Market Index climbed by 1.57 percent Thursday and finished at 9,393.38. The Swiss Leader Index rose by 1.57 percent and the Swiss Performance Index added 1.49 percent.

Lafarge and Holcim have approved the appointment of Eric Olsen as the future CEO Of LafargeHolcim. The proposed merger has had its ups and downs, including a renegotiation of terms. The question of who would lead the combined company had also been an issue. Shareholders will vote on the merger next month.

The index heavyweights all finished in the green Thursday. Novartis advanced by 2.2 percent and Roche added 1.4 percent. Shares of Nestle also finished higher by 1.1 percent.

Luxury goods companies also turned in a strong performance. Swatch increased by 4.1 percent and Richemont gained 3.9 percent.

Financial stocks were also among the gainers. Credit Suisse climbed by 1.4 percent and UBS rose by 1.3 percent. Julius Baer also finished up by 1.5 percent.

Shares of Actelion surged by 3.1 percent. Transocean was another notable gainer, rising by 2.2 percent. Crude oil prices bounced back Thursday, following yesterday's sell-off.