The Swiss Stock Market Started The Week With A Slight Gain

(RTTNews) - The Swiss stock market ended the first session of the new trading week with a modest increase. The gain brought the market back up over the 8,000 points level. Investor sentiment received a boost from Eurozone industrial production data, which rebounded at the fastest pace in over six years.

Investors continue to be encouraged by the massive stimulus package announced by the European Central Bank last week. However, comments from ECB President Mario Draghi suggested that there would be no further rate cuts. Investors are looking forward to an announcement from the Federal Reserve when it concludes its monetary policy meeting on Wednesday. A Fed rate cut is not considered likely, but investors will be paying close attention to the language for clues to when a cut is coming.

The Swiss Market Index increased 0.25 percent Monday and finished at 8,018.36. The SMI reached an intraday high of 8,053 points. The Swiss Leader Index climbed 0.19 percent and the Swiss Performance Index added 0.27 percent.

Shares of Aryzta sank 12 percent Monday, following the release of half year results. The bakery group had actually returned to organic growth after a prolonged period of decline. However, the path to healthy sustainable growth is apparently still long.

Transocean was another notable decliner, with a loss of 2.0 percent. The oil driller was under pressure due to falling crude oil prices. This is the final week of trading for the stock in Switzerland. The stock will only be traded in the United States afterwards.

LafargeHolcim was among the top gainers, with an increase of 2.5 percent. Lonza climbed 1.8 percent, Swatch rose 1.3 percent and Galenica added 1.1 percent.

The index heavyweights all finished in positive territory. Roche advanced 0.5 percent, while Novartis and Nestlé both rose 0.1 percent.

Rounding out the healthcare names, Actelion increased 0.6 percent and Sonova closed up by 0.3 percent.

Among the big banks, UBS climbed 0.6 percent, Julius Baer rose 0.2 percent, but Credit Suisse dipped 0.1 percent.