The Swiss Stock Market Finished Higher - Credit Suisse In Focus

(RTTNews) - The Swiss stock market ended Wednesday's session in the green, adding to yesterday's slight increase. The market pared some of its early gains in the afternoon and finished off the session highs. However, considering yesterday's multiple terrorist attacks in Belgium, the market displayed impressive resilience.

Markets in Europe ended the session with mixed results. There was little economic data to drive trading on Wednesday, ahead of the upcoming Easter holiday. There was a rebound in U.S. new home sales data in the afternoon, but weakness in commodity prices hampered the European markets.

Switzerland's economy is likely to grow less than previously estimated this year due to the global economic weakness and the structural adjustments in the region, the KOF Swiss Economic Institute said Wednesday. According to Spring Forecast, the economy will grow 1 percent in 2016 and, in line with the global recovery, by 2 percent in 2017.

The Swiss Market Index increased 0.53 percent Wednesday and finished at 7,894.36. The Swiss Leader Index climbed 0.39 percent and the Swiss Performance Index added 0.44 percent.

Shares of Credit Suisse were in focus Wednesday. The stock ended the session with a gain of 0.9 percent. The bank unveiled plans to eliminate an additional 2,000 jobs this year and deepen cuts at its investment bank as part of efforts to reduce annual costs by 800 million Swiss francs.

Givaudan was the top gainer of the session, with an increase of 2.8 percent. LafargeHolcim climbed 2.2 percent after Exane BNP confirmed its "Neutral" rating on the stock.

Actelion ended the session with a gain of 1.9 percent. Galenica advanced 1.7 percent and Sika added 1.5 percent. In an interview, Saint-Gobain CFO Guillaume Texier expressed a readiness to talk with the management team of Sika in the event of future cooperation.

The index heavyweights all finished in the green. Nestlé led the way with a gain of 1.3 percent, while Roche rose 0.5 percent and Novartis added 0.3 percent.

Baloise dropped 2.7 percent Wednesday, adding to yesterday's losses following the release of its full year report. Investors were disappointed that the insurer did not increase its dividend. Swiss Life fell 0.7 percent and Zurich lost 0.1 percent. Meanwhile Swiss Re increased 0.4 percent.