The Swiss Stock Market Climbed On The Strength Of Financial Stocks

(RTTNews) - The Swiss stock market finished in the green Tuesday, thanks in large part to the strong performance of financial stocks and the index heavyweights. The market overcame a weak start and managed to climb past the 8,300 point level.

However, trading volume remained on the light side Tuesday, as investors await the release of the minutes from the most recent Federal Reserve meeting on Wednesday and the U.S. jobs report for December on Friday. The European Central Bank will also give an update on its monetary policy stance on Thursday.

The Swiss Market Index increased by 0.57 percent Tuesday and finished at 8,319.40. The Swiss Leader Index climbed by 0.52 percent and the Swiss Performance Index added 0.53 percent.

Financial stocks across Europe turned in a strong performance on Tuesday. Credit Suisse advanced by 2.4 percent Tuesday and UBS gained 2.6 percent. Shares of Swiss Life increased by 2.9 percent, after Helvea selected it as a "Top Pick" for 2014. Baloise also gained 1.9 percent.

The index heavyweights also provided support to the overall market. Shares of Nestle finished higher by 0.7 percent. Roche climbed by 0.7 percent and Novartis added 0.4 percent.

Schindler also rose by 0.2 percent Tuesday, after the escalator manufacturer secured a major contract in China. Financial terms of the contract were not disclosed.