The Swiss Stock Market Climbed On Novartis Strength

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(RTTNews.com) - The Swiss stock market ended Friday's session with a substantial gain. Concerns over a global trade war relaxed after China eased restrictions on foreign investment.

Investors breathed a sigh of relief after EU leaders reached an agreement on migration, helping to avert a political crisis in Germany. Chancellor Angela Merkel's coalition government was under strain over migrant policy.

The Swiss Market Index increased by 1.74 percent Friday and finished at 8,609.30. The Swiss Leader Index climbed 1.51 percent and the Swiss Performance Index added 1.63 percent.

The strong performance by index heavyweight Novartis provided a boost to the overall market Friday. The company a share buyback and unveiled plans to spin off its eye-care business Alcon.

Roche advanced 1.5 and Nestle finished higher by 0.80 percent.

Swatch Group climbed 3.8 percent and rival Richemont added 1.7 percent as trade concerns eased.

Credit Suisse and UBS gained 1.2 each after passing a stress test in the United States. Julius Baer also close up by 1.1 percent.

ABB was another notable gainer, with an increase of 2.2 percent.

Clariant advanced 2.9 percent after a report from Reuters stated that Saudi Basic Industries Corp is considering increasing its holding in the company.

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This article appears in: US Markets , Stocks , Commodities

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