The Swiss Stock Market Climbed On Novartis Strength

(RTTNews) - The Swiss stock market ended Wednesday's session with a significant increase. The market got off to a weak start, before staging a recovery and slipped back into the red in the afternoon. The market bounced back into the green thanks to the early gains on Wall Street. Early weakness was attributed to a negative equities strategy review by US investment bank Goldman Sachs.

Investors were in a cautious mood Wednesday, ahead of the release of the minutes of the most recent Federal Reserve meeting. Recent positive U.S. economic data and statements from Fed officials has traders concerned that a U.S. interest rate hike is on the horizon.

The Swiss Market Index increased 0.85 percent Wednesday and finished at 7,973.93. The Swiss Leader Index climbed 0.75 percent and the Swiss Performance Index added 0.71 percent.

Shares of index heavyweight Novartis were in focus today. The stock advanced 1.5 percent after it ended its study of LEE011 early due to positive results. The company also announced plans to separate its oncology unit from the rest of the pharmaceuticals business.

The rest of the index heavyweights also finished in the green today. Roche increased 0.6 percent Nestlé added 0.2 percent.

Shares of the big banks were also in demand Wednesday. Credit Suisse climbed 2.7 percent, while UBS gained 1.8 percent. LafargeHolcim was another notable gainer, with an increase of 2.4 percent.

Swatch advanced 1.8 percent and Richemont rose 1.3 percent. Richemont is due to report financial results on Friday.

Dufry gained 1.2 percent, after its CEO confirmed its 2016 growth targets in a newspaper interview.

Hearing aid maker Sonova sank 6.4 percent after its annual sales and profit targets fell short of expectations.

Swiss Re also dipped 0.1 percent after Jeffries downgraded its rating on the stock to "Hold."