BRUSSELS (dpa-AFX) - The Swiss stock market began its trading week with a modest gain Tuesday, following its return to action following Monday's holiday. The market was a bit subdued in early action, but climbed into positive territory in the afternoon, due to the strong performance of the U.S. markets.
Investors were cautious ahead of tomorrow's events and they will be watching for clues as to when the Federal Reserve will begin to taper off its stimulus program. The Federal Open Market Committee is scheduled to release the minutes from its most recent meeting Wednesday and Fed Chairman Ben Bernanke will testify before the Joint Economic Committee of Congress.
The Swiss Market Index increased by 0.46 percent Tuesday and finished at 8,318.42. The Swiss Leader Index climbed by 0.20 percent and the Swiss Performance Index added 0.44 percent.
Sonova dropped by 1.1 percent, after the hearing aid manufacturer reported a lower annual profit. The company's outlook was also viewed as disappointing.
Most cyclical stocks finished to the upside Tuesday. Geberit increased by 3.0 percent and Schindler gained 2.0 percent. ABB advanced by 1.5 percent, Sika gained 1.3 percent and Richemont added 2.7 percent.
The two pharma heavyweights, Roche and Novartis also provided support to the market. Roche climbed by 1.6 percent and Novartis gained 0.9 percent. Shares of Nestle finished unchanged.
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