The Swiss Stock Market Finished With A Modest Increase

(RTTNews) - The Swiss stock market finished little changed Wednesday, ending the session with a modest increase. The market had been solidly higher in early trade, rising to an intraday high of 9092 points. The majority of the European markets were up on positive Eurozone GDP results.

However, the market pared its gains in the afternoon, after the release of the disappointing U.S. retail sales report. The weaker than expected retail sales report has reinforced the view that the Federal Reserve is not likely to raise interest rates next month

The Swiss Market Index increased by 0.06 percent Wednesday and finished at 9,050.66. The Swiss Leader Index gained 0.03 percent and the Swiss Performance Index added 0.07 percent. The Swiss stock market will be closed on Thursday for the Ascension Day holiday.

Shares of UBS dropped by 1.6 percent, extending its losses from the previous session. Media reports emerged yesterday, stating that UBS and four other large banks may soon face U.S. criminal charges for manipulation of foreign exchange rates. Credit Suisse also dipped by 0.3 percent.

Clariant and Sonova both sank by 1.7 percent each, while shares of Holcim lost 1.5 percent.

Among the index heavyweights, Roche advanced by 1.5 percent. However, Novartis fell by 0.3 percent and Nestle lost 0.1 percent.

Transocean climbed by 2.8 percent, due to the increase in crude oil prices. Galenica gained 1.6 percent and Julius Baer rose by 1.1 percent. Actelion and Swiss Life both added 1.0 percent.