BRUSSELS (dpa-AFX) - The Swiss stock market ended the first session of the new trading week with a small increase. The market climbed past the 8,700 point level in early trade, thanks to easing concerns over a potential trade war between the U.S. and China. However, weakness in the dollar sparked uncertainty around midday, causing the market to pare its early gains.
The U.S. appeared to soften its stance on trade over the weekend, suggesting that a trade war could be avoided through negotiations. However, China still says negotiations are out of the question until the U.S. backs down further.
The Swiss Market Index increased by 0.18 percent Monday and finished at 8,687.08. The Swiss Leader Index climbed 0.20 percent and the Swiss Performance Index added 0.13 percent.
Index heavyweight Novartis slid 0.1 percent after it announced an agreement to acquire the U.S.-based clinical stage gene therapy company AveXis Inc. for a total of $8.7 billion in cash.
Roche finished higher by 0.2 percent and Nestlé added 0.03 percent.
UBS and Credit Suisse gained 0.2 percent each. Swiss Re advanced 1.1 percent and Baloise rose 1.0 percent.
Richemont increased 1.4 percent and ABB gained 1.1 percent. Adecco climbed 0.9 percent and Kuehne + Nagel added 0.7 percent.
Dufry was among the weakest performing stocks of the session, falling 3.9 percent.
In the broad market, pump maker Sulzer tumbled 16 percent and technology group Oerlikon lost 8.4 percent after their majority holder Viktor Vekselberg was included in the US' latest round of sanctions against Russia.
Copyright RTT News/dpa-AFX