The Swiss Stock Market Extended Yesterday's Gains On Greek Hopes

(RTTNews) - The Swiss stock market ended Thursday's session with a significant increase, adding to its gains from the previous session. Financial and cyclical stocks were among the best performers. The positive mood among investors was sparked by continued optimism for a solution to the Greek debt crisis and the strong rebound of the Chinese stock market. Germany's export numbers also contributed to the positive mood.

Greece has promised to implement pension and tax reforms to win fresh aid from skeptical creditors. Greek Prime Minister Alexi Tsipras told European parliament that he would submit a detailed reform plan to the Eurozone on Thursday aimed at resolving the country's debt crisis.

The Swiss Market Index climbed by 1.50 percent Thursday and finished at 8,985.08. The SMI hit an intraday high of 9,008 points. The Swiss Leader Index rose by 1.56 percent and the Swiss Performance Index added 1.46 percent.

Lonza was among the top gainers of the session, with an increase of 3.5 percent. Holcim advanced by 2.7 percent, adding to its gains from the prior trading session. The stock has benefitted from the successful share exchange with Lafarge.

Among the financials, UBS surged by 2.8 percent and Credit Suisse added 1.4 percent. Julius Baer also finished higher by 1.9 percent. Swiss Life climbed by 2.5 percent, Zurich Insurance gained 1.9 percent and Baloise rose by 1.6 percent.

The positive performance of the index heavyweights provided support to the overall market Thursday. Novartis advanced by 1.4 percent and Roche climbed by 1.9 percent. Shares of Nestle also gained 1.3 percent.

The luxury goods companies were also in strong demand Thursday. Swatch increased by 2.0 percent and Richemont added 1.8 percent. The stocks have been under pressure since the start of the year, due to concerns about weak demand in Hong Kong.

Aryzta closed lower by 0.6 percent, after it had its price target cut by several banks. Goldman Sachs affirmed its "Sell" rating on shares of ABB. The stock ended the session unchanged.

Kudelski increased by 7.3 percent, after UBS raised its price target on the stock. UBS also confirmed its "Neutral" rating on the stock. Valora climbed by 5.2 percent, after its CEO Michael Mueller confirmed its EBIT goals.