The Swiss Stock Market Finished Slightly Higher Ahead Of ECB Announcement

19.10.16 18:32

BRUSSELS (dpa-AFX) - The Swiss stock market ended Wednesday's session with a slight increase, extending the gains from the previous session.

The market spent a good deal of the session in negative territory, but broke out higher in the afternoon. A surge in crude oil prices helped to drive the market in late trade, following the release of the U.S. crude inventory report.

Traders remained in a cautious mood Wednesday, despite the late day advance. Investors were reluctant to take positions ahead of the European Central Bank announcement Thursday. Traders will also be keeping an eye on the third and final debate between Donald Trump and Hillary Clinton before the U.S. Presidential election.

The Swiss Market Index increased 0.24 percent Wednesday and finished at 8,093.78. The Swiss Leader Index climbed 0.60 percent and the Swiss Performance Index added 0.25 percent.

Dufry was the top gainer of the session, with an increase of 3.4 percent. Kepler Cheuvreux confirmed its "Buy" rating on the stock, while UBS increased its price target on the stock.

Credit Suisse jumped 2.7 percent and continued UBS rose 1.2 percent. Credit Suisse announced that it had reached an agreement with Italian authorities to pay about EUR 100 million to settle a tax case.

The bank stocks also received support from the strong quarterly report from U.S. bank Morgan Stanley.

Adecco gained 3.0 percent. The stock benefitted from an "Outperform" rating from Credit Suisse and a "Buy" recommendation from Kepler Cheuvreux.

The luxury goods companies received a boost from some solid Chinese economic data. Richemont climbed 1.9 percent and Swatch added 1.5 percent.

Shares of Actelion also advanced 1.5 percent ahead of its financial report Thursday.

The index heavyweights underperformed Wednesday, which limited the upside move for the overall market. Nestlé and Novartis both weakened by 0.3 percent, while Roche finished with a gain of 0.1 percent.

In the broad market, Barry Callebaut jumped 3.8 percent after a "Buy" rating from Kepler. Helvetia also gained 3.2 percent after it received a "Buy" rating from Baader Helvea.

Copyright RTT News/dpa-AFX


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