BRUSSELS (dpa-AFX) - The Swiss stock market ended Tuesday's session solidly higher, adding to the gains of the previous session. After getting off to a positive start, the market advanced further in the afternoon and closed just below the highs of the year. The strong performance from index heavyweight Novartis provided support to the overall market.
Investor sentiment remained positive following the victory of Emmanuel Macron in the first round of the French presidential election on Sunday. Macron is expected to defeat Marine Le Pen in the runoff election, which has eased concerns over the possibility of France leaving the European Union and has increased the risk appetite among investors.
The Swiss Market Index increased by 0.73 percent Tuesday and finished at 8,775.24. The Swiss Leader Index climbed 0.71 percent and the Swiss Performance Index added 0.99 percent.
Pharmaceutical heavyweight Novartis climbed 2.2 percent. The company reported first quarter results that were in line with expectations. Roche advanced 0.8 percent and Nestlé dipped 0.1 percent.
Lonza jumped 4.4 percent after upgrading its outlook for 2017. A strong start to the year has paved the way for double-digit organic sales growth in the first half of the year.
Swatch gained 2.2 percent after a positive court ruling in the Netherlands. An appeals court in Amsterdam ruled in favor of Swatch in a case against US jewelry maker Tiffany.
Richemont also advanced 2.4 percent. Luxury goods companies received a boost from the news that French company LVMH announced it would buy out the minority interest held by Christian Dior.
Dufry rose 1.7 percent after it received a long-term extension of a contract with Liverpool airport.
Credit Suisse increased 1.7 percent ahead of its earnings report Wednesday. Bâloise climbed 2.7 percent, while Swiss Re dropped 4.4 percent.
In the broad market, chipmaker AMS soared 19.56 percent after the company posted strong first-quarter revenue and indicated it might increase its mid-term revenue growth target.
Copyright RTT News/dpa-AFX