The Swiss Stock Market Jumped On ECB Stimulus Comments

(RTTNews) - The Swiss stock market ended Thursday's session with a significant gain. Strong economic data from the Eurozone provided a boost in early trade. The market advanced further after ECB President Mario Draghi hinted that the ECB would step in with further stimulus measures if necessary.

The European Central Bank left its interest rates unchanged on Thursday, but lowered the economic growth and inflation outlook for the euro area. Draghi stated that the ECB was ready to extend its quantitative easing programme beyond the September 2016 deadline, if needed.

The Swiss Market Index climbed by 1.73 percent Thursday and finished at 8,775.64. The Swiss Leader Index rose by 1.78 percent and the Swiss Performance Index added 1.65 percent.

Syngenta increased by 3.5 percent. The agrochemicals group plans to divest its global vegetables seeds business. The company also plans to buy back more than $2 billion of its common stock.

Transocean was the top gainer of the session, with an increase of 4.5 percent. Lonza gained 2.6 percent and SGS added 2.4 percent.

The index heavyweights all finished to the upside Thursday. Novartis advanced by 1.9 percent and Roche added 1.8 percent. Nestlé also finished higher by 1.1 percent.

Novartis announced that its Sandoz subsidiary has launched Zarxio, the first FDA approved biosimilar drug, in the United States.

Among the big banks, Credit Suisse closed up by 2.0 percent and UBS gained 1.8 percent. Julius Baer also increased by 2.4 percent.

Swatch advanced by 2.1 percent and Richemont rose by 1.5 percent. Richemont received approval from British authorities for the merger of its online retailer Net-a-Porter and the Italian Yoox Group. However, Net-a-Porter founder Natalie Massenet has decided to leave the company in advance of the merger.

Gate Group plunged by 12 percent, Myriad sank by 13 percent and Zurich Airport dropped by 6.4 percent after reporting half-yearly figures.