The Swiss Stock Market Climbed As China Fears Eased

(RTTNews) - The Swiss stock market ended Wednesday's session in the green, extending its gains from the previous two days. The gains were fueled by the strong rally in Asia, especially in China and Japan. However, the market lost some of its momentum in late trade.

Japan's NIKKEI 225 surged by 7.7 percent, after Prime Minister Shinzo Abe pledged to cut corporate tax rates to shore up economic growth. China's Shanghai Composite Index also jumped by 2.3 percent, adding to the 2.9 percent gain posted in the previous session. The Ministry of Finance announced a number of new measures to reform taxes, boost infrastructure spending and bring in private financing through increased use of the public private partnership model.

The Swiss Market Index climbed by 1.27 percent Wednesday and finished at 8,871.92. The SMI rose to an intraday high of 8,964 points. The Swiss Leader Index gained 1.24 percent and the Swiss Performance Index added 1.18 percent.

Transocean was the top performer of the session, with a gain of 7.7 percent. The stock surged in late trade due to management comments at an investor conference.

LafargeHolcim increased by 2.7 percent. Goldman Sachs upgraded its rating on the stock to "Buy" from "Neutral." Bakery group Aryzta climbed by 2.9 percent and UBS added 2.1 percent.

Zurich Insurance also benefitted from a "Buy" rating. The stock rose by 1.5 percent. Givaudan rose by 0.4 percent and Syngenta added 0.5 percent.

The index heavyweights all finished to the upside Wednesday. Novartis advanced by 1.4 percent and Nestlé gained 1.7 percent. Roche ended the session with an increase of 0.7 percent.

Engineering firm ABB fell by 0.1 percent. The company lowered its revenue growth target for 2015-2020, reflecting reduced macroeconomic expectations. However, the company reaffirmed all other targets for profitability.

Santhera advanced by 5.5 percent after it received approval for Raxone in the EU, for the treatment of Leber's Hereditary Optic Neuropathy.