BRUSSELS (dpa-AFX) - The Swiss stock market ended Thursday's session with a strong gain. The market rallied higher as concerns over a potential trade war between China and the U.S. eased. Traders seem optimistic that the tariffs and threats from the two nations are only a precursor to negotiations of a trade agreement between them.
Investors were encouraged by yesterday's gains on Wall Street, as well as the positive performance in Asia. Cyclical and financial stocks were in demand Thursday and the index heavyweights also helped to drive the market higher.
The Swiss Market Index increased by 2.21 percent Thursday and finished at 8,742.60. The Swiss Leader Index climbed 2.33 percent and the Swiss Performance Index added 2.13 percent.
Bakery company Aryzta was among the top gainers Thursday, with an increase of 6.0 percent. Travel retailer Dufry also jumped 4.8 percent.
Lonza advanced 4.3 percent and Clariant gained 3.4 percent, recovering from the weakness of the past few days. ABB jumped 3.6 percent, Vifor Pharma gained 3.5 percent and LafargeHolcim added 3.4 percent.
UBS climbed 3.0 percent and Credit Suisse rose 2.8 percent. Bank stocks were strong across Europe. Swiss Life advanced 1.0 percent and Baloise rose 1.1 percent. Zurich Insurance also closed up by 0.4 percent.
Index heavyweight Nestlé finished higher by 1.9 percent, while Roche climbed 2.0 percent and Novartis added 2.3 percent.
In the broad market, Santhera surged 12 percent after it released positive study results.
Copyright RTT News/dpa-AFX