BRUSSELS (dpa-AFX) - The Swiss stock market ended Friday's session with a very small increase. After a weak opening, the market remained stuck in a sideways trend for the bulk of the session. However, the market received a boost in late trade, following the release of some better than expected US economic data.
The U.S. economy grew by much more than initially estimated in the first three months of the year. Gross domestic product climbed by 1.2 percent in the first quarter compared to the previously reported 0.7 percent increase. New orders for U.S. manufactured durable goods pulled back by less than expected in the month of April.
The Swiss Market Index increased by 0.08 percent Friday and finished at 9,042.03 percent. The SMI ended the trading week with an overall gain of 0.2 percent. The Swiss Leader Index climbed 0.06 percent Friday and the Swiss Performance Index added 0.16 percent.
Lonza climbed 1.9 percent and Lindt & Sprüngli advanced 1.8 percent. The stocks had no concrete news to drive them higher, but were the top performing stocks of the session.
Credit Suisse increased 1.0 percent. S&P confirmed its 'Sell' rating on the stock. Shares of UBS also added 0.1 percent, while Julius Baer dropped 0.4 percent. Asset manager Partners Group surrendered 0.3 percent.
Index heavyweight Nestlé gained 0.9 percent. The positive performance from the food giant helped to provide support to the overall market. Meanwhile, Roche slipped 0.2 percent and Novartis weakened by 0.6 percent.
Swatch was among the weakest performing stocks of the session, with a loss of 1.8 percent. Dufry declined 1.2 percent and Givaudan forfeited 0.8 percent.
Copyright RTT News/dpa-AFX