The Swiss Stock Market Snapped Losing Streak Thanks To Late Day Surge

(RTTNews) - The Swiss stock market ended Thursday's session with a modest gain, snapping a 5-session losing streak. The market fluctuated between small gains and losses throughout the day, but a late afternoon rally brought it back into the green. The strong performance on Wall Street helped push the Swiss Market higher in the afternoon.

The Bank of England kept its key interest rate and asset purchases unchanged on Thursday, but signaled that the rate could be cut further. Investors are eagerly anticipating the results of the Bank of Japan and Federal Reserve meetings next week. The release of some weaker than expected U.S. economic data today has raised doubts among investors that the Fed will be able to cut rates next week.

The Swiss Market Index increased 0.27 percent Thursday and finished at 8,184.84. The Swiss Leader Index climbed 0.36 percent and the Swiss Performance Index added 0.29 percent.

Credit Suisse advanced 1.9 percent on a strong day for European banks. However, the gains were more restrained among the rest of the Swiss banks. Julius Baer increased 0.8 percent and UBS added 0.1 percent. Among the insurers, Swiss Life jumped 1.4 percent and Zurich Insurance rose 1.0 percent.

Hearing aid manufacturer Sonova gained 1.6 percent. The company completed its takeover of AudioNova earlier than expected. LafargeHolcim and SGS both climbed 1.0 percent each.

Among the index heavyweights, Novartis increased 0.5 percent and Roche added 0.3 percent. Meanwhile, shares of Nestlé dipped 0.1 percent.

The luxury goods companies were under pressure Thursday, extending yesterday's weakness after Richemont issued a profit warning. Swatch declined 1.4 percent and Richemont surrendered 1.7 percent.

In the broad market, AFG dropped 5.4 percent after it offered to buy Looser Group. Shares of Looser soared 30 percent.

Barry Callebaut climbed 3.5 percent after it extended its strategic supply partnership with Mondelz International in Belgium.