BRUSSELS (dpa-AFX) - The Swiss stock market ended Wednesday's session in the green, extending its winning streak to a fourth session. Much like the previous session, financial and insurance stocks turned in a solid performance.
Strong consumer and business confidence figures out of Germany and a breakthrough agreement between Greece and its creditors fueled the gains Wednesday. The continued rise in crude oil prices and yesterday's positive U.S. housing data also contributed to the positive mood among investors.
The Swiss Market Index increased 0.52 percent Wednesday and finished at 8,167.61. The Swiss Leader Index advanced 0.44 percent and the Swiss Performance Index gained 0.46 percent.
Financial stocks were in demand across Europe again on Wednesday. The sector would benefit from an interest rate hike by the U.S. Federal Reserve, which could potentially be coming in June.
Credit Suisse climbed 1.9 percent and UBS rose 2.1 percent. Julius Baer also finished higher by 0.8 percent. Swiss Life climbed 0.9 percent and Swiss Re added 0.5 percent.
Galenica was the top gainer of the session, with an increase of 2.2 percent. The stock recovered some of yesterday's sharp losses, after it postponed the separation of the company into two groups.
The pharma heavyweights provided support to the market Wednesday. Novartis increased 1.4 percent and Roche added 0.6 percent. However, Nestlé ended the day with a loss of 0.3 percent.
SGS was another notable decliner, with a loss of 1.9 percent. Givaudan fell 1.1 percent and Dufry weakened by 1.0 percent. Fitch affirmed Dufry's Issuer Default Rating at 'BB-' and retained its 'Negative' outlook.'
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