The Swiss Stock Market Climbed After Rally In Shares Of Novartis

(RTTNews) - The Swiss stock market ended Thursday's session solidly in positive territory. The market got off to a positive start, but briefly dipped into negative territory just before midday. However, the market quickly recovered and advanced further going into the close.

The continued weakness in crude oil prices did weigh on investor sentiment in early trade Thursday. However, the strong performance from index heavyweight Novartis helped to propel the market higher.

The Swiss Market Index increased by 0.73 percent Thursday and finished at 9,051.27. The Swiss Leader Index climbed 0.25 percent and the Swiss Performance Index added 0.61 percent.

Index heavyweight Novartis surged by 5.0 percent. The company released successful study data for a product candidate for the treatment of cardiac artery disease.

Roche added 0.2 percent, but the third heavyweight, Nestlé, weakened by 0.7 percent.

The luxury goods companies turned in a solid performance after Swiss watch exports climbed in May for just the second time in the current year. Swatch and Richemont both advanced by 0.8 percent.

LafargeHolcim declined 0.4 percent and Clariant fell 0.6 percent.

Julius Baer rose 0.2 percent and UBS added 0.1 percent. Meanwhile, Credit Suisse decreased 0.5 percent. Bâloise dropped 1.1 percent and Swiss Life surrendered 1.2 percent.

In the broad market, Santhera surged 15.2 percent. The company received a positive review from its UK drug regulator for Raxone, a treatment for Duchenne muscular dystrophy.