BRUSSELS (dpa-AFX) - Swiss stocks emerged from recent slumber on Tuesday, rising sharply following strong earnings reports from UBS and Novartis.
The Swiss Market Index rose 1.29 percent, and is outperforming other European markets by rising more than 7.5 percent year-to-date.
UBS shares jumped 5.7 percent. The Swiss banking giant posted higher net profit of 762 million Swiss francs for the third quarter of 2014 despite taking a loss of nearly $2 billion for litigation charges.
Novartis AG shares were up 1.8 percent. The drug maker confirmed its outlook for FY14 after reporting third-quarter net income of $3.22 billion, up from $2.23 billion last year.
Cement maker Holcim and rival Lafarge formally notified the European Commission of their merger plan. Holcim shares rose 2 percent.
Implenia earned a new infrastructure contract in Norway worth around 18 million Swiss francs. The stock was up 1.7 percent.
Copyright RTT News/dpa-AFX