The Swiss Stock Market Finished Higher With Continued Focus On Actelion

30.11.16 18:35

BRUSSELS (dpa-AFX) - The Swiss stock market ended Wednesday's session in the green.

After a weak opening, the market quickly climbed into positive territory and remained there for the rest of the day.

The market received support from the announcement that OPEC has reportedly come to an agreement to cut production at their meeting today in Vienna. The better than expected U.S. private sector employment report also provided some encouragement to investors ahead of the U.S. jobs report for November, which is scheduled for Friday.

The Swiss Market Index increased 0.38 percent Wednesday and finished at 7,875.19. The SMI reached an intraday high of 7,900 points. The Swiss Leader Index advanced 0.47 percent and the Swiss Performance Index added 0.33 percent.

Investors remain focused on Actelion, as U.S. company Johnson & Johnson attempts to acquire the company. J&J increased its takeover bid for the company yesterday. However, reports released just before the close today suggest that Actelion has rejected the takeover offer. Shares of Actelion dropped 6.2 percent.

Aryzta and Bâloise both ended the session with loss of 1.5 percent each.

Index heavyweight Roche finished with a gain of 0.1 percent. The stock took a bit of a hit due to some comments from Deutsche Bank. Novartis climbed 0.3 percent and Nestlé added 0.2 percent.

LafargeHolcim was among the top performing stocks of the session, with an increase of 2.5 percent. UBS also ended the day higher by 2.4 percent. Richemont advanced 1.9 percent and Swatch rose 1.1 percent.

Clariant climbed 1.9 percent and Sika added 0.9 percent. The stocks appear to have benefitted from the news that U.S. industrial gas group Praxair resumed discussions with Germany's Linde over a potential merger.

Oerlikon rose 1.2 percent. Hans Ziegler resigned as a member of its board of directors due to an investigation into insider trading.

Copyright RTT News/dpa-AFX


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