The Swiss Stock Market Jumped Friday, But Ended The Week With A Loss

(RTTNews) - The Swiss stock market ended Friday's session sharply higher. The market got off to a positive start and extended its gains in the afternoon. However, the market pared its gains in late trade, following the release of the disappointing U.S. consumer sentiment data. Despite today's sharp increase, the market ended the trading week with an overall loss.

Weak trade data out of China contributed to the Swiss market falling below 8,000 points yesterday. However, strong Chinese inflation data today helped to drive the market back above that level. Chinese producer prices also rose for the first time in 5 years.

The Swiss Market Index increased 1.12 percent Friday and finished at 8,089.91. The SMI ended the trading week with an overall loss of 0.4 percent. The Swiss Leader Index climbed 1.22 percent and the Swiss Performance Index added 1.08 percent.

LafargeHolcim jumped 2.9 percent, after the losses of the last few sessions. The strong data out of China was partly responsible for the gain. Comments from CEO Eric Olsen also drove the stock higher.

Financial stocks also turned in a strong performance, after a trio of major U.S. banks posted better than expected earnings. Credit Suisse leaped 3.1 percent and UBS advanced 1.3 percent. Julius Baer also finished higher by 0.7 percent.

Schindler increased 2.6 percent after RBC rated the stock an "Outperform." Shares of Sika also gained 2.0 percent.

The luxury good companies extended their recent winning streak Friday. The stock have been climbing since Tuesday, after French rival LVMH reported strong results. Richemont rose 2.1 percent and Swatch gained 2.2 percent.

The index heavyweights all finished solidly in positive territory. Nestlé climbed 1.2 percent and Novartis advanced 1.1 percent. Roche also ended the day higher by 0.8 percent.

Syngenta was one of the few decliners, with a loss of 2.1 percent. Investors became concerned about the proposed takeover of the company by ChemChina after reports that ChemChina plans to merge with Sinochem Group.