The Swiss Stock Market Bounced Back After BoE Stimulus Announcement

(RTTNews) - The Swiss stock market ended Thursday's session solidly in positive territory. The market regained much of its losses from earlier in the week, after it fell below the 8,000 point level yesterday. Financials and cyclical stocks were among the best performers.

The Bank of England announced a massive package of stimulus measures, including a reduction in its interest rate for the first time in more than seven years and an expansion in quantitative easing program. Investors will now turn their attention to the release of the U.S. jobs report on Friday.

The Swiss Market Index increased 0.89 percent Thursday and finished at 8,081.14. The Swiss Leader Index climbed 0.92 percent and the Swiss Performance Index rose 0.90 percent.

The best performing stocks were those with the most exposure to business in the UK. Cement giant LafargeHolcim advanced 2.3 percent and bakery group Aryzta added 1.6 percent. LafargeHolcim will report half year results on Friday. Staffing company Adecco climbed 1.5 percent and travel retailer Dufry gained 1.4 percent.

The financial companies also turned in a solid performance. UBS increased 1.5 percent and Credit Suisse rose 1.0 percent. Private bank Julius Baer also finished higher by 2.0 percent. Swiss Life gained 1.4 percent and Zurich Insurance added 1.2 percent.

ABB rose 1.6 percent, after the strong financial report by competitor Siemens in Germany. Geberit was another notable gainer, with an increase of 2.2 percent.

The index heavyweights all finished in the green Thursday. Nestlé lead the way, with a gain of 1.1 percent. Roche advanced 0.7 percent and Novartis rose 0.6 percent. Jefferies raised its price target on both of the pharma giants.

In the broad market, Schweiter surged 7.6 percent after a good half year report.