The Swiss Stock Market Finished Solidly In Positive Territory

(RTTNews) - The Swiss stock market ended Wednesday's session with a solid gain, following yesterday's pullback. The market climbed back above the 7,900 point level and advanced further late in the afternoon, fueled by gains on Wall Street. The larger than expected increase in U.S. industrial production also contributed to the late strength.

Crude oil prices were again in focus Wednesday. Crude oil prices climbed back to around the $30 a barrel level amid reports that several oil ministers are meeting in Iran to discuss a possible production freeze.

The Swiss Market Index increased 1.69 percent Wednesday and finished at 7,946.19. The Swiss Leader Index climbed 2.17 percent and the Swiss Performance Index added 1.71 percent.

Clariant was the only loser among the bluechip stocks Wednesday. The specialty chemical manufacturer reported disappointing annual results.

Transocean was the top gainer, with an increase of 6.7 percent, due to rising crude oil prices. LafargeHolcim also climbed 6.4 percent. U.S. asset manager Harris Associates has increased its stake in the company to 6.4 percent. Analysts at Bryan Garnier also increased their rating for LafargeHolcim shares to "Buy".

Galenica gained 5.0 percent, Lonza added 3.9 percent and ABB rose 3.3 percent. The luxury goods shares companies jumped on hopes for a strong Chinese new year. Swatch increased 2.9 percent and Richemont advanced 3.6 percent.

The big banks also finished the day with solid gains. Credit Suisse climbed 2.4 percent and UBS gained 3.3 percent.

The index heavyweights all finished in the green, providing support to the overall market. Roche advanced 1.0 percent and Novartis rose 0.7 percent. Shares of Nestlé also closed higher by 1.4 percent. The U.S. FDA has granted breakthrough therapy designation to Roche's ocrelizumab, a treatment for primary progressive multiple sclerosis.