Swiss Stocks Rise On Russia Relief

(RTTNews) - Swiss stocks joined the rally in global equities Tuesday amid hopes that Russia's invasion of Crimea will not produce a wider conflict.

In a speech before lawmakers in Moscow, Putin claimed Crimea as a part of Russia, but signalled he would leave the rest of Ukraine to its own devices.

The Swiss Market Index rose 0.96 percent to 8,240.07, taking back more of last week's declines.

Swiss Re added 0.5 percent in Zurich. The insurer is well ahead of schedule on its 2015 financial targets.

Credit Suisse and UBS both led banks higher.

Flooring and adhesive manufacturer Forbo rose 13 percent on news of a share buyback.

Rieter announced a net profit of 37.4 million francs, up 46 percent, thanks to new orders. The stock was down 1 percent.

VP Bank posted a consolidated net profit of 38.7 million francs last year. VP shares slipped 0.9 percent.

Kuoni swung to a net profit of 69.2 million francs for 2013 compared with a net loss of 14.4 million a year earlier. Shares were up 8.2 percent.