The Swiss Stock Market Climbed On The Strong Performance Of Novartis

(RTTNews) - The Swiss stock market ended the first session of the new trading week in the green. The market received a boost from the significant gains in shares of index heavyweight Novartis.

Investors continue to watch the developments in Greece. Alexis Tsipras, who leads the anti austerity government in Greece, said his government has no plans for an extension of the bailout program, but would seek a gradual roll-back of austerity.

The Swiss Market Index climbed by 0.51 percent Monday and finished at 8,632.14. The Swiss Leader Index rose by 0.23 percent and the Swiss Performance Index gained 0.44 percent.

Index heavyweight Novartis surged by 3.4 percent Monday. Citigroup resumed coverage on the stock today with a "Buy" rating. However, Roche dropped by 2.0 percent, after Citigroup downgraded its rating on the stock to "Neutral" from "Buy." Shares of Nestle finished with a modest gain of 0.10 percent.

The big banks were under pressure at the start of the new trading week, after the U.S. Justice Department expanded its investigation into bank foreign currency practices. UBS declined by 0.6 percent and Credit Suisse lost 1.3 percent. However, Julius Baer climbed by 1.7 percent. UBS upgraded its rating on the stock to "Buy" from "Neutral."

Shares of Transocean surged by 7.8 percent, as oil prices extended their gains to a third consecutive trading session.

Swatch has been climbing since last Thursday afternoon and extended its gains on Monday, with an increase of 2.3 percent.