Insurers, Novartis Lead Swiss Stocks Higher

(RTTNews) - Swiss stocks crawled higher Thursday, in line with most European markets as insurers rose alongside health care major Novartis.

The Swiss Market Index rose 0.42 percent to 9,058.92, moving back toward a recent 7-year peak above 9,200.

Nestle shares were fractionally higher after saying it will announce plans to open 10 skin care research centers worldwide.

Novartis rose more than one percent. The company announced further job cuts at a New York production facility.

Insurance companies Baloise (+1.0%), Zurich (+1.1%), Swiss Re and Swiss Life (both +0.9%) were higher.

Adecco was lower after a downgrade by Jeffries.

Orascom was up nearly 2 percnet on further details of the previously announced sale of part of its Egyptian subsidiary.