The Swiss Stock Market Climbed Back Above The 8,600 Level

(RTTNews) - The Swiss stock market got off to a weak start Thursday, but climbed into positive territory in the early afternoon and remained there until the close of trade. The market rose back above the 8,600 point level, following yesterday's decline.

A cease-fire agreement in Ukraine and renewed hopes for a Greek debt deal drove the market higher Thursday. Eurozone finance ministers ended their talks on Wednesday without any major breakthrough on Greece, but will meet again on Monday. The developments in Greece and Ukraine overshadowed some weaker than expected U.S. economic data.

The Swiss Market Index climbed by 0.39 percent Thursday and finished at 8,611.03. The Swiss Leader Index increased by 0.98 percent and the Swiss Performance Index gained 0.48 percent.

Credit Suisse surged by 9.1 percent, after its full year 2014 results exceeded expectations. Investors were also pleased that the lender's dividend was not reduced. UBS rose by 2.7 percent, following 2 days of declines.

Zurich Insurance dropped by 3.1 percent, following its weaker than expected full year 2014 report.

Index heavyweights Roche and Nestle fell by 0.5 percent and 0.4 percent respectively. However, Novartis increased by 0.1 percent.

Cyclicals were among the best performing stocks Thursday. Swatch increased by 3.0 percent and Sika added 2.6 percent. Holcim climbed by 2.6 percent and oil services group Transocean gained 2.8 percent.