The Swiss Stock Market Climbed Again As Banks & Cyclicals Continue Recovery

(RTTNews) - The Swiss stock market ended Tuesday's session in the green, adding to the modest gains of the previous day. Banks and cyclical stocks extended their recovery from the losses of the prior trading week, as concerns over German lender Deutsche Bank continue to ease.

The Swiss Market Index increased 0.79 percent Tuesday and finished at 8,230.73. The Swiss Leader Index climbed 0.97 percent and the Swiss Performance Index rose 0.75 percent.

Shares of ABB were in focus as the company held its Capital Markets Day. The engineering firm announced a new share buyback program of up to $3 billion and said it is shaping and focusing its divisional structure into four divisions. The stock finished higher by 1.4 percent.

Credit Suisse advanced 2.8 percent Tuesday and rival UBS gained 1.8 percent. Julius Baer also ended the day higher by 1.1 percent.

Adecco was the best performing stock of the session, with an increase of 3.8 percent. The recruiter announced the acquisition of U.S. company D4 LLC.

Shares of SGS rose 2.1 percent after it announced that it has agreed to acquire AXYS Analytical Services Ltd.

Luxury goods company Richemont climbed 2.2 percent and peer Swatch added 1.1 percent.

The index heavyweights all finished with modest gains. Novartis increased 0.9 percent, Nestlé advanced 0.5 percent and Roche added 0.1 percent.