The Swiss Stock Market Jumped After Italy And Spain Get New Leadership

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(RTTNews.com) - The Swiss stock market climbed for the bulk of Friday's session and ended the day with a substantial increase. Investors reacted positively to the news that both Italy and Spain have resolved their political issues.

Italy's anti-establishment Five Star Movement and the far-right League reached a deal to form a populist government, helping avert the prospect of a snap election.

Meanwhile, Spanish Prime Minister Mariano Rajoy was ousted by a no-confidence vote in Parliament. He will be replaced by Socialist leader Pedro Sanchez.

The Swiss Market Index increased by 1.91 percent Friday and finished at 8,618.54. The Swiss Leader Index climbed 1.85 percent and the Swiss Performance Index added 1.66 percent.

Among the index heavyweights, Roche climbed 2.3 percent and Novartis gained 2.4 percent. Nestle also finished higher by 0.8 percent.

Bank stocks, which had been under pressure most of the week, bounced back on Friday. UBS jumped 3.1 percent, Credit Suisse rose 2.5 percent and Julius Baer added 1.7 percent.

Swiss Life advanced 2.6 percent, Swiss Re climbed 2.3 percent and Zurich Insurance gained 1.6 percent.

Swatch Group increased 2 percent and rival Richemont added 1 percent.

ABB climbed 2.6 percent and Geberit rose 2.1 percent. Adecco and SGS finished higher by 2.0 percent each.

Read the original article on RTTNews (http://www.rttnews.com/2900918/the-swiss-stock-market-jumped-after-italy-and-spain-get-new-leadership.aspx)

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This article appears in: Politics , US Markets , Stocks

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