The Swiss Stock Market Rebounded After Yesterday's Sharp Drop

(RTTNews) - The Swiss stock market ended Thursday's session in the green, as it attempts to recover from Wednesday's sharp sell-off. The SMI rose back above the 8,000 point level, after falling below it yesterday. The market received a boost from comments by ECB President Mario Draghi, who hinted that further stimulus measures could be coming in March.

However, the gains that were sparked by Draghi's speech began to fizzle in late trade. Investors were a bit skeptical of the stimulus promises, after they failed to live up to expectations the last time Draghi made a similar promise. Traders also remain concerned about the price of crude oil, which is attempting to stabilize after yesterday's sharp drop.

The Swiss Market Index increased 0.86 percent Thursday and finished at 8,035.06. The Swiss Leader Index climbed 0.76 percent and the Swiss Performance Index gained 0.78 percent.

Transocean was the top gainer of the session, with an increase of 10.6 percent. After crude oil prices hit a 12-year low yesterday, they showed signs of stabilization today.

Adecco climbed 3.0 percent after the company concluded a 2014 share buyback program. LafargeHolcim advanced 2.2 percent and SGS added 2.3 percent.

The positive performance of the index heavyweights provided support to the overall market. Nestlé increased 1.4 percent and Roche gained 1.3 percent. Shares of Novartis also finished higher by 0.6 percent. A British court ruled that Nestle can not trademark the shape of its KitKat bar in a legal battle with Cadbury.

Credit Suisse decreased 1.2 percent Thursday, but UBS gained 0.7 percent. Julius Baer also climbed 1.0 percent.

Zurich Insurance dropped 1.0 percent. The stock sank nearly 11 percent yesterday after it issued a profit warning. Baloise also lost 0.9 percent. However, Swiss Re rose 0.4 percent and Swiss Life gained 1.5 percent.

Galenica was one of the weakest stocks of the session, with a decrease of 4.3 percent. The company's full year sales figures were well received. The pull back was attributed to profit taking.

Logitech surged 9.6 percent, after its third quarter results topped expectations.