The Swiss Stock Market Added To Its Recent Winning Streak

(RTTNews) - The Swiss stock market ended Friday's session with a slight increase, bringing its recent winning streak to four consecutive sessions. The market is once again approaching the annual high, which was reached back in January. Corporate news was sparse at the end of the trading week, but the positive performance on Wall Street provided a boost in the afternoon.

Investors were encouraged by reports that U.S. President Trump took on a more conciliatory tone in a recent phone conversation with the President of China. Trump also vowed to announce 'phenomenal' tax reform plan in next few weeks. Rising crude oil prices also helped to boost investor sentiment.

The Swiss Market Index increased by 0.22 percent Friday and finished at 8,456.22. The SMI ended the trading week with an overall increase of 1.3 percent. The Swiss Leader Index climbed 0.36 percent and the Swiss Performance Index added 0.27 percent.

Actelion was among the top gainers of the session, with an increase of 3.1 percent. The European Medicines Agency drug safety panel has recommended that use of the company's Uptravi continue while a French investigation into five deaths is ongoing.

Cyclical stocks turned in a solid performance at the end of the trading week. SGS increased 1.0 percent and Sika rose 0.9 percent. LafargeHolcim advanced 0.8 percent and ABB gained 0.7 percent.

The luxury goods companies received a boost from some positive Chinese data. Richemont climbed 1.3 percent and Swatch added 0.8 percent.

The index heavyweights turned in a mixed performance Friday. Nestlé decreased 0.2 percent, while Novartis rose 0.5 percent. Shares of Roche finished nearly unchanged, with a gain of 0.04 percent.

Credit Suisse declined 0.4 percent and UBS fell 0.2 percent. Julius Baer ended the day higher by 0.3 percent.

Zurich Insurance weakened by 0.7 percent. The stock was under pressure yesterday following the release of its results for the year. Swiss Re also dropped 1.0 percent Friday.