BRUSSELS (dpa-AFX) - The Swiss stock market pared its gains in early trade Tuesday, before staging a comeback. The market took out the highs of the session around midday and ended the day at its highest level in over two years.
Trading activity was rather subdued Tuesday due to a lack of market moving news. Economic data was on the light side and the German stock market was closed for a holiday. Traders are looking forward to the release of the U.S. jobs report for September on Friday.
The Swiss Market Index increased by 0.45 percent Tuesday and finished at 9,283.74. The Swiss Leader Index climbed 0.50 percent and the Swiss Performance Index added 0.49 percent.
Sonova was among the top performing stocks of the session, climbing 3.1 percent. Deutsche Bank has rated the stock a 'Buy.'
Clariant advanced 1.5 percent, while LafargeHolcim and Richemont gained 1.4 percent each. Meanwhile, Richemont's competitor Swatch fell 0.5 percent.
The bank stocks turned in a positive performance Tuesday. Julius Baer increased 1.0 percent, Credit Suisse rose 0.8 percent and UBS added 0.5 percent.
Index heavyweight Nestlé finished up by 1.2 percent after Royal Bank of Canada reiterated their 'Outperform' rating on the stock. Novartis rose 0.1 percent, while Roche dipped 0.3 percent.
Copyright RTT News/dpa-AFX