The Swiss Stock Market Finished Substantially Higher

(RTTNews) - The Swiss stock market ended Friday's session with a significant gain, a clear countermovement to the sharp losses of the previous day. Rising crude oil prices and the surprising introduction of negative interest rates in Japan sparked the rally. Largely positive U.S. economic data provided support to the market in the afternoon.

The Swiss Market Index increased 2.04 percent Friday and finished at 8,319.81. The SMI ended the trading week with an overall gain of 0.6 percent. The Swiss Leader Index climbed 1.84 percent Friday and the Swiss Performance Index added 1.98 percent.

Index heavyweight Nestlé jumped 2.7 percent Friday, contributing significantly to the rise in the market. Roche advanced 2.3 percent and its counterpart Novartis added 1.4 percent. The pharma giants have been under pressure in the last few sessions, due to disappointing financial results.

Shares of Transocean benefitted from the continued recovery in crude oil prices. The stock jumped 3.6 percent.

The bank stocks turned in a strong performance at the end of the trading week. Julius Baer increased 2.2 percent, UBS gained 1.7 percent and Credit Suisse rose 2.9 percent.

Cyclical stocks were also among the gainers Friday. ABB climbed 2.4 percent and Kuehne + Nagel advanced 2.3 percent. Syngenta rose 2.2 percent and Adecco added 2.1 percent. More defensive securities such as Givaudan increased 2.6 percent and Swisscom added 1.9 percent. Insurance stocks were also in demand. Baloise gained 2.5 percent and Swiss Life closed higher by 2.2 percent.