The Swiss Stock Market Ended The Week In Positive Territory

(RTTNews) - The Swiss stock market climbed again Friday, extending its gains from the previous session. The market also concluded the trading week with an overall gain. After a strong start, the market climbed well above 7,900 points, before reversing to an intraday low around 7,840 points. However, the market regained ground in the afternoon.

Rising crude oil prices provided a boost to investor sentiment Friday. Equities have been moving in virtual lock step with crude oil prices since the start of 2016. U.S. economic data had little impact on the Swiss market this afternoon. Fourth quarter GDP was unexpectedly revised higher, while personal income, consumer spending and consumer sentiment topped expectations.

The Swiss Market Index increased 1.06 percent Friday and finished at 7,877.03. The SMI ended the trading week with an overall gain of 0.2 percent. The Swiss Leader Index climbed 1.38 percent and the Swiss Performance Index added 1.06 percent.

Transocean was the top gainer Friday, with an increase of 12.7 percent. The stock continues to benefit from the annual figures reported last Wednesday, as well as rising crude oil prices. The stock will continue trading in Switzerland until the end of March, and will thereafter only be traded in the U.S.

Shares of Sika were in focus after its annual report. The stock got off to a positive start, but then reversed and ended the session with a loss of 0.7 percent.

Cyclical stocks were among the gainers again on Friday. LafargeHolcim increased 4.9 percent. Swatch gained 2.8 percent and Richemont added 2.0 percent. Nomura upgraded its rating on luxury goods competitor Burberry to "Buy." Shares of ABB rose 1.5 percent, after UBS increased its price target on the stock.

Financial stocks also extended their gains from the previous session. Credit Suisse climbed 3.4 percent, Zurich Insurance advanced 2.6 percent and Swiss Life gained 2.5 percent. Swiss Life will report financial results on Tuesday next week. UBS finished higher by 2.1 percent. The bank is facing a further criminal tax fraud allegations in Belgium.

The index heavyweights all finished in the green. Roche advanced 1.1 percent and Novartis added 0.6 percent. Shares of Nestlé also finished higher by 0.3 percent.