The Swiss Stock Market Rebounded On Pharma Strength

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(RTTNews.com) - The Swiss stock market ended Wednesday's session with a substantial gain, bouncing back from yesterday's weak performance. Strong gains among the pharma heavyweights helped to drive the market higher.

The Swiss Market Index increased by 1.29 percent Wednesday and finished at 8,938.12. The Swiss Leader Index climbed 0.95 percent and the Swiss Performance Index added 1.10 percent.

Novartis climbed 3.2 percent. The company reiterated its full year 2018 outlook after reporting a surge in second quarter profit.

Roche advanced 1.2 percent after the U.S. FDA granted Breakthrough Therapy Designation for TECENTRIQ in combination with Avastin as an initial treatment for patients with advanced or metastatic hepatocellular carcinoma.

Nestle also finished higher by 0.7 percent.

SGS dropped 3.7 percent after reporting results for the first half of the year. The company's first-half profit increased 1 percent to 296 million Swiss francs from last year's 293 million francs.

Swatch Group slid 0.4 percent despite posting a better than expected profit for the first half of the year. Rival Richemont gained 2.3 percent.

UBS jumped 1.5 percent, Credit Suisse rose 1.2 percent and Julius Baer added 0.8 percent.

Sika finished higher by 1.8 percent and ABB gained 1.3 percent.

Read the original article on RTTNews (http://www.rttnews.com/2915035/the-swiss-stock-market-rebounded-on-pharma-strength.aspx)

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This article appears in: Politics , US Markets , Stocks
Referenced Symbols: CS ,

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