BRUSSELS (dpa-AFX) - The Swiss Market Index ended Friday's session with a solid gain, following the sharp pull back yesterday. This was the second time this week that the market made a technical countermovement to the massive losses of the day before. Nevertheless, the market ended the week with a loss for the fourth time in the last 6 weeks.
The Swiss Market Index increased 2.13 percent Friday and closed at 7,656.60. The SMI ended the trading week with an overall loss of 3.8 percent. Since the start of 2016, the SMI is down 13 percent. The Swiss Leader Index climbed 2.43 percent and the Swiss Performance Index added 2.03 percent.
The bank stocks staged a strong recovery, from yesterday's decline. Credit Suisse surged 6.4 percent and UBS gained 5.1 percent. Julius Baer also increased 3.8 percent. The banking stocks have been under pressure due to worries about the economy, the danger of large credit losses and negative interest rates.
Transocean climbed 7.4 percent, thanks to rising crude oil prices. Royal Bank of Canada confirmed its 'Sector Perform' rating on the stock, but lowered its price target.
Actelion and LafargeHolcim both increased by 3.8 percent each on Friday. Swatch climbed 3.2 percent and Richemont gained 2.7 percent. RBS confirmed its 'Outperform' ratings on the two luxury goods companies.
Shares of Schindler rose 2.3 percent, after the elevator and escalator manufacturer reported full year results. The results were in line with expectations and the company's 2016 outlook was viewed favorably.
The index heavyweights all finished in positive territory. Novartis increased 1.9 percent, while Nestlé and Roche both gained 1.5 percent.
Copyright RTT News/dpa-AFX