The Swiss Stock Market Rose While The Rest Of Europe Pulled Back

(RTTNews) - The Swiss stock market extended its gains from the previous session Tuesday. The Swiss market finished with a significant increase, while the rest of the European markets closed firmly in the red. The positive performance from the index's most heavily weighted stocks provided support to the overall market.

Investor sentiment was impacted by concerns over Greece and the weak performance of the U.S. markets. The unexpected drop in U.S. durable goods orders for December was disappointing, but investors were encouraged by the substantial improvement in U.S. consumer confidence.

The Swiss Market Index climbed by 1.28 percent Tuesday and finished at 8,402.82. The SMI hit an intraday high of 8,444. The market continues to recover, but is still off its highs of over 9,200 before the repeal of the minimum exchange rate by the Swiss National Bank. The Swiss Leader Index rose by 0.88 percent Tuesday and the Swiss Performance Index gained 1.07 percent.

Shares of Novartis were in focus Tuesday, ending the session with a gain of 2.1 percent. The company posted fourth quarter sales that were slightly better than expected, while earnings were in line with estimates. Investors were pleased with the pharma giant's outlook, as well as the 6 percent dividend increase.

The other two heavyweights also finished in the green. Roche climbed by 0.9 percent and Nestle advanced by 1.8 percent.

Transocean finished higher by 3.4 percent Tuesday, adding to its gains from the previous session. Swatch increased by 1.7 percent and Richemont added 1.5 percent. SGS also rose by 1.0 percent and Credit Suisse upgraded its rating to "Neutral."

Financial stocks were under pressure Tuesday. Julius Baer declined by 1.1 percent, while Credit Suisse and UBS both fell by 0.2 percent. Jefferies lowered its rating on shares of Credit Suisse to a "Hold."