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The Swiss stock market ended Wednesday’s session with a modest gain. The strong performance of defensive heavyweights Nestlé and Roche provided support to the overall market.
Investors remain in a nervous mood due to concerns over the Syrian conflict and the uncertainty over the situation in North Korea. Political concerns over France also had an impact on investor sentiment, after a new poll showed that far-left candidate Jean-Luc Melenchon’s support increased by 7 percentage points in the French presidential race.
The Swiss Market Index increased by 0.26 percent Wednesday and finished at 8,663.77. The Swiss Leader Index climbed 0.24 percent and the Swiss Performance Index added 0.36 percent.
Syngenta advanced 2.2 percent after Chinese authorities approved ChemChina’s takeover of the company.
Cyclical stocks were in demand Wednesday. Dufry increased 2.3 percent and Lonza gained 1.6 percent. Adecco and Sika rose by 1.3 percent each.
Kuehne + Nagel increased 1.7 percent. The logistics company announced an agreement with Chinese internet platform Alibaba in the area of ??e-commerce. Baader Helvea also upgraded its rating on the stock to “Buy” from “Hold.”
Among the index heavyweights, Nestlé climbed 1.1 percent and Roche added 0.2 percent. Meanwhile, Novartis fell 0.3 percent.
Financial stocks turned in a weak performance Wednesday. Credit Suisse decreased 0.6 percent and UBS dropped 1.0 percent. Swiss Re slipped 0.2 percent and Zurich Insurance fell 0.3 percent.
by RTT Staff Writer
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