The Swiss Stock Market Stabilized After Weak Start To The Year

(RTTNews) - The Swiss stock market finished Tuesday's session with a modest increase, following yesterday's sharp decline. A huge drop in the Chinese stock market sparked a global equity sell-off on Monday. While concerns over China lingered in the markets, there were attempts made at stabilization.

The Swiss stock market got off to a weak start Tuesday, before climbing into positive territory. The first recovery attempt failed, but a second attempt in the afternoon held. The positive performance of the defensive heavyweights provided support to the overall market.

The Swiss Market Index increased 0.52 percent Tuesday and finished at 8,701.46. The Swiss Leader Index climbed 0.44 percent and the Swiss Performance Index added 0.47 percent.

Novartis was the top gainer among the index heavyweights, with an increase of 1.1 percent. Roche climbed 0.8 percent and Nestle gained 0.3 percent.

Shares of Actelion rose 1.7 percent. The pharmaceutical company held a conference call to discuss its newly U.S. approved drug Uptravi. Analysts believe the drug could be a potential blockbuster.

Galenica, which was one of the best performers of 2015, gained 2.4 percent Tuesday. Sika increased 1.7 percent and Sonova added 1.4 percent. Kuehne + Nagel rose 1.3 percent, Geberit climbed 1.0 percent and Lonza advanced 0.8 percent.

Financial stocks were also among the positive performers Tuesday. Credit Suisse and UBS both finished higher by 0.8 percent. However, Julius Baer dipped 0.3 percent.

Luxury goods companies remained under pressure due to concerns over China. Swatch dropped 1.3 percent and Richemont fell 0.8 percent.

Among the cyclicals, LafargeHolcim decreased 0.8 percent, Clariant dropped 0.7 percent and ABB lost 0.6 percent.

Travel group Kuoni advanced 1.5 percent. The company is reportedly being targeted by potential buyers.