The Swiss Stock Market Surged Ahead Of The Holiday

(RTTNews) - The Swiss stock market rallied sharply to the upside Wednesday, along with the rest of Europe. A recovery in the energy market and hopes for further stimulus measures in China fueled today's gains, bringing the market back above the 8,700 point level. Trading volume was on the light side as the Christmas holiday draws near.

The rebound in oil prices was only partly responsible for Wednesday's rally. Positive economic data from the Eurozone and the United States also contributed to the gains.

The Swiss Market Index increased 2.23 percent Wednesday and finished at 8,705.74. The Swiss Leader Index climbed 2.13 percent and the Swiss Performance Index gained 2.08 percent.

Transocean was among the best performing stocks, with an increase of 4.5 percent. An increase in crude oil prices sparked strong gains among energy stocks in Europe.

Shares of bakery products group Aryzta also jumped 4.0 percent. Despite today's increase, the stock remains one of the most beaten down since the start of the year.

The index heavyweights all finished solidly to the upside Wednesday. Roche climbed 2.0 percent and Novartis added 2.1 percent. Shares of Nestlé also finished higher by 2.7 percent.

Cyclicals were also among the gainers Wednesday. LafargeHolcim advanced 3.8 percent and ABB rose 2.4 percent. Credit Suisse was another notable positive, with an increase of 3.4 percent.

Syngenta remains in focus due to continued merger speculation. The stock extended its recent gains, with an increase of 2.5 percent today.

Bank Vontobel confirmed its "Buy" recommendation on shares of Richemont and its "Hold" rating on Swatch today. The stocks climbed by 1.7 percent each.