The Swiss Stock Market Finished Higher Thanks To Support From Heavyweights

(RTTNews) - The Swiss stock market ended Tuesday's session with a slight increase. The market was unable to hold its early gains, but bounced back into the green in the final 2 hours of trade, thanks to a tailwind from the positive performance of the U.S. markets. Bank stocks remained under pressure, but the positive performance of the defensive heavyweights provided support to the overall market.

The volatility index has been high in recent days as a number of potential risks are plaguing the usually quiet summer. The upcoming U.S. Presidential election remains at the forefront, after Donald Trump and Hillary Clinton held their first debate. Traders also continue to monitor the situation in Italy, where Prime Minister Matteo Renzi has stated that he will resign if he is unsuccessful in the December constitutional referendum to streamline legislation.

The Swiss Market Index increased 0.13 percent Tuesday and finished at 8,175.42. The Swiss Leader Index dropped 0.22 percent, but the Swiss Performance Index rose 0.09 percent.

Financial stocks were under pressure again Tuesday. Concerns over Deutsche Bank and the enormous fine the German lender is facing from the United States has hit the sector hard in recent days.

Credit Suisse sank 3.3 percent after its CEO Tidjane Thiam made cautious comments about the third quarter at an investor conference.

UBS weakened by about 1.0 percent and Julius Baer fell 0.5 percent. Zurich Insurance declined 1.2 percent, Swiss Re decreased 1.0 percent and Swiss Life lost 0.6 percent.

Richemont decreased 0.7 percent and Swatch surrendered 0.6 percent. Clariant and Sika each lost 0.5 percent each.

The index heavyweights all finished in positive territory. Nestle rose 1.1 percent after announcing changes to its executive board. Roche gained 0.6 percent and Novartis added 0.1 percent.

Dufry increased 1.0 percent and Kuehne + Nagel climbed 0.7 percent. Lonza and SGS both advanced by 0.4 percent.