The Swiss Stock Market Rose Above 7,800 Points After Yellen Comments

(RTTNews) - The Swiss stock market ended Wednesday's session in the green, adding to the gains of the previous session. The market climbed back above 7,800 points and settled into a narrow range above that level for much of the session. Today's gains were triggered by comments made by Federal Reserve Chair Janet Yellen after the European close yesterday.

Yellen said she considers it appropriate for the Fed to proceed cautiously in adjusting monetary policy given the risks to the economic outlook. The speech largely offset a recent uptick in speculation that the Fed will raise interest rates at its next meeting toward the end of April.

The Swiss Market Index increased 0.61 percent Wednesday and finished at 7,845.08. The Swiss Leader Index rose 1.10 percent and the Swiss Performance Index added 0.68 percent.

LafargeHolcim was among the best performing stocks Wednesday, with a gain of 6.3 percent. The luxury goods companies also turned in a strong performance. Richemont climbed 3.7 percent and Swatch rose 3.1 percent.

Cyclical stocks benefitted from an increase in the risk appetite of investors. ABB rose 2.0 percent, while Schindler and Adecco both added 1.9 percent. Galenica and Sonova both advanced around 2.5 percent each.

Financial stocks also ended the session in the green. Julius Baer increased 1.6 percent, Credit Suisse climbed 1.2 percent and UBS gained 1.1 percent.

Nestle was the only index heavyweight to finish positively Wednesday. The stock climbed 0.6 percent, adding to its gains from the previous session. Roche fell 0.2 percent and Novartis dropped 0.5 percent. According to media reports, Novartis is now facing corruption charges in Turkey.

In the broad market, Newron sank 32 percent. The company announced that it has received a complete response letter from the U.S. FDA for Xadago.

Evolva plunged 22 percent after it announced that its sweetener stevia is not expected to be on the market in the current year.