BRUSSELS (dpa-AFX) - The Swiss stock market ended Friday's session with a modest increase. The market quickly recovered from a weak start and jumped in early trade, before paring its gains. However, the market bounced back near its session highs in the afternoon after the U.S. market turned positive.
UBS, Swiss Re, Sika and Dufry all reported financial results at the end of the trading week. There was also an abundance of global economic data Friday, the results of which were mixed. The weaker than expected U.S. GDP report for the second quarter had little impact on the Swiss market.
The Swiss Market Index increased 0.40 percent Friday and finished at 8,127.20. The SMI ended the trading week with an overall loss of 0.8 percent. The Swiss Leader Index climbed 0.41 percent Friday and the Swiss Performance Index added 0.39 percent.
Sika was the top gainer of the session, with an increase of 4.6 percent. The company's results for the first half of the year exceeded expectations.
Shares of UBS rose 0.5 percent. The bank reported a profit for the second-quarter that declined about 14 percent from the prior year. The result was above expectations. Credit Suisse advanced 1.6 percent, but Julius Baer dipped 0.2 percent.
Dufry weakened by 0.5 percent after its quarterly report failed to impress. The company's results were impacted by the reduced travel demand, as well as weak consumer spending.
Swiss Re dropped 1.1 percent. The company's profit was negatively impacted by a number of natural disasters.
LafargeHolcim increased 1.3 percent, after its competitor HeidelbergCement reported good numbers. Adecco advanced 1.0 percent, Galenica rose 1.5 percent and Aryzta added 1.3 percent. Richemont gained 1.7 percent, but Swatch dipped 0.1 percent.
Among the index heavyweights, Roche jumped 0.8 percent and Nestlé gained 0.7 percent. Shares of Novartis finished unchanged.
Copyright RTT News/dpa-AFX