The Swiss stock market rallied higher Monday, after Italy soothed investor concerns that the country could exit the Euro. Italian Economy Minister Giovanni Tria said that the new government has no plans to leave the euro and is seeking to boost growth through investment and structural reforms instead of deficit spending.
The Swiss Market Index increased by 1.31 percent Monday and finished at 8,623.54. The Swiss Leader Index climbed 1.36 percent and the Swiss Performance Index added 1.15 percent.
The financial stocks were the driving force behind Monday's substantial increase. Credit Suisse advanced 3.4 percent and UBS gained 3.3 percent. Julius Baer also finished higher by 1.8 percent.
Swiss Life climbed 2.1 percent, Swiss Re rose 1.8 percent and Zurich Insurance added 1.7 percent.
The index heavyweights all finished in the green. Nestle gained 1 percent, while Novartis and Roche increased by 0.9 percent each. Roche received approval from the U.S. FDA for Venclexta plus Rituxan.
Sika jumped 2.9 percent after its chairman Paul Haelg revealed to Reuters that it could spend up to $1 billion on acquisitions in a year.
Lonza was another notable gainer, with an increase of 1.8 percent. SGS also finished up by 1.3 percent.
by P2PNews Staff Writer