The Swiss Market Rose Again Ahead Of Fed Announcement

(RTTNews) - The Swiss stock market ended Wednesday's session in the green, adding to its gains from the previous session. The market got off to a positive start, thanks largely to the strong performance of the Asian markets, and managed to hold most of those gains throughout the day.

Investors are looking forward to tomorrow's interest rate decision by the Federal Reserve. The Fed will announce its decision after the close in Europe on Thursday. Analysts remain split regarding whether the central bank will raise rates.

The Swiss Market Index climbed by 0.92 percent Wednesday and finished at 8,817.17. The Swiss Leader Index rose by 0.95 percent and the Swiss Performance Index increased by 0.85 percent.

Shares of Richemont surged by 6.6 percent. The luxury goods company reported sales data for the first 5 months of the year which significantly outperformed market expectations. Competitor Swatch also gained 2.6 percent.

Transocean leaped by 5.2 percent, adding to its gains from the previous session. Crude oil prices increased Wednesday after a U.S. government report showed an unexpected drop in U.S. crude oil inventories.

The index heavyweights all finished to the upside. Novartis increased by 1.4 percent and Roche added 0.2 percent. Shares of Nestle also finished higher by 0.7 percent. HSBC reaffirmed its "Buy" recommendation on Novartis.

Among insurance stocks, Swiss Re gained 1.7 percent and Baloise rose by 1.0 percent. CS Equity Research upgraded its rating on Baloise to "Neutral" from "Underperform."

Banking stocks turned in a mixed performance. Credit Suisse decreased by 0.04 percent and UBS fell by 0.5 percent. Meanwhile, Julius Baer advanced by 0.7 percent.

Santhera surged by 8.3 percent, extending its recent winning streak. The company announced last week that it has received approval for Raxone in the EU.

Online travel agency Lastminute.com fell by 1.7 percent after it reported results for the first half of the year. The company also reduced its full year revenue forecast.