The Swiss Stock Market Climbed Back Above 8,900 Points - Nestle In Focus

(RTTNews) - The Swiss stock market finished sharply to the upside Thursday. The market is extending its gains from the previous 4 weeks, as it continues to recover from the sharp drop in January, following the SNB decision to remove its currency cap against the Euro.

Investors were focused on the unfolding developments in Greece today. The Greek government has finally requested a six month extension of the EUR 240 billion bailout program. The Euro Group will meet on Friday afternoon to discuss the matter. However, Germany rejected Greece's application to extend the loan agreement.

The Swiss Market Index climbed by 1.13 percent Thursday and finished at 8,900.18. The Swiss Leader Index advanced by 0.81 percent and the Swiss Performance Index gained 1.06 percent.

The strong performance of the index heavyweights provided a boost to the overall market Thursday. Nestle surged by 1.3 percent, after its full year profit exceeded expectations. Revenues for the year were also slightly better than expected.

Roche increased by 1.6 percent. The U.S. FDA granted "priority review" status to the company's filing for Cobimetinib in combination with Zelboraf for the treatment of advanced skin cancer. Shares of Novartis also advanced by 1.5 percent.

Swiss Re ended a volatile session with a gain of 0.7 percent. The company's fourth quarter results came in lower than anticipated, due to the higher than expected restructuring costs in the Life & Health business. The company proposed an increase in its full year dividend, as well as a special dividend.

Transocean dropped by 3.36 percent, after oil prices dropped back below $50 a barrel Thursday. Galenica also sank by 3.3 percent, after it was downgraded by UBS to "Sell" from "Neutral."

Aryzta advanced by 2.7 percent and Adecco added 2.5 percent. Richemont gained 1.4 percent after the publication of the latest watch exports data, while Swatch rose by 0.5 percent. Clariant climbed by 1.4 percent, following its full year report yesterday. JP Morgan, Exane BNP, UBS and Credit Suisse all increased their price targets on the stock.