The Swiss Stock Market Climbed After Iran Nuclear Deal

(RTTNews) - The Swiss stock market ended the first session of the new trading week in positive territory. Investors were encouraged by the historic agreement reached between Iran and six world powers early Sunday, which halts the progress of the country's nuclear program. The resulting reduction in oil prices was a welcome stimulus.

The positive performance of the U.S. markets also provided support to the Swiss market in the afternoon. U.S. markets again rose to new all-time highs Monday, despite the release of the weaker than expected pending home sales data.

The Swiss Market Index increased by 0.65 percent Monday and finished at 8,304.05. The Swiss Leader Index climbed by 0.65 percent and the Swiss Performance Index added 0.60 percent.

Shares of UBS advanced by 2.1 percent Monday, bouncing back from recent weakness caused by its weak third quarter report. The Wall Street Journal reported that UBS may get immunity in the antitrust investigation of the EU around the Libor scandal on Friday. Credit Suisse also climbed by 0.8 percent and Julius Baer gained 1.1 percent.

Swatch increased by 1.4 percent, after the watch manufacturer increased its stake in Rivoli Investments LLC. Swatch has acquired a controlling interest in Rivoli, through its subsidiary Techno Corp. Peer Richemont also rose by 0.9 percent.