The Swiss Stock Market Staged An Impressive Recovery

(RTTNews) - The Swiss stock market rallied along with the rest of the European markets Tuesday, bouncing back from its recent pull back. A rebound in crude oil prices and the stronger than expected German economic confidence data had investors in a positive mood.

Investors are looking forward to tomorrow's announcement from the Federal Reserve, which will take place after the European close. The Fed is widely expects to announce an interest rate increase Wednesday. The release of the U.S. inflation data, which was flat in November, provided further support to the Fed's case for a rate hike.

The Swiss Market Index increased 2.46 percent Tuesday and finished at 8,581.56. The Swiss Leader Index climbed 2.58 percent and the Swiss Performance Index added 2.37 percent.

Transocean was the top performing stock of the day, with an increase of 8.5 percent. Shares of the offshore drilling company soared as crude oil prices rebounded from multi-year lows.

The luxury goods companies also turned in a stronger performance Tuesday. Swatch climbed 3.7 percent and Richemont advanced 2.1 percent.

Financial stocks also turned in a solid performance. UBS increased 3.7 percent and Credit Suisse rose 3.3 percent. Julius Baer also gained 2.3 percent.

The index heavyweights all finished firmly in the green. Novartis gained 2.7 percent and Roche added 2.2 percent. Shares of Nestlé also advanced 2.2 percent.

Pharmaceutical stock Actelion closed higher by 3.9 percent. Defensive stock Swisscom climbed 3.5 percent.

Syngenta gained 2.2 percent. Bloomberg reported that the ChemChina president has met with Syngenta managers and is considering an increased bid for the company.

Geberit rose 1.2 percent and LafargeHolcim added 1.4 percent. Goldman Sachs confirmed its "Buy" rating on LafargeHolcim but reduced its price target on the stock.