The Swiss Stock Market Snapped Its Recent Losing Streak

(RTTNews) - The Swiss stock market ended Thursday's session with a modest increase, putting an end to its five session losing streak. The market got off to a weak start, but quickly managed to turn positive. The market remained locked in a sideways trend for the rest of the session.

The interest rate policy of the United States remains a dominant topic of conversation among traders. The US will release its GDP report on Friday and the Federal Reserve will hold its November policy meeting next week.

The Swiss Market Index increased 0.40 percent Thursday and finished at 7,924.39. The Swiss Leader Index rose 0.04 percent and the Swiss Performance Index gained 0.27 percent.

The index heavyweights all finished in the green Thursday, which provided a boost to the overall market. Roche climbed 1.7 percent, Nestlé advanced 1.3 percent and Novartis added 0.3 percent.

The bank stocks also turned in a solid performance. Credit Suisse gained 1.5 percent and UBS finished higher by 1.7 percent. Investors were encouraged by the results posted today by German lender Deutsche Bank. UBS is expected to report its results on Friday.

ABB was the weakest performing stock of the session, with a decline of 6.6 percent. The industrial firm reported a 3 percent decline in third-quarter revenue after a drop in orders amid uncertainties over the U.S. presidential election and the Brexit vote.

Shares of SGS dropped 2.9 percent. The company adjusted its growth forecast for the current year at an investor meeting.

Sika weakened by 1.5 percent after it reported results for the first nine months of the year. The outcome of Saint-Gobain's hostile takeover attempt also remains unknown.

Clariant suffered a loss of 1.7 percent. Swatch and Richemont each forfeited 0.9 percent.