Swiss Bank Shares Post a Loss
April 26, 2011
The Swiss Market Index rose 20.5 to 3650.7 with an estimated volume of around one billion francs. Swiss Bank, which reported a 34% rise in first half profit that was lower than some analysts expectations, lost 2.75 francs to 236 francs. Traders said many analysts had sharply increased their estimates for SBC's interims after Union Bank of Switzerland, the country's biggest commercial bank, reported strong first-half income growth last week. As a result, the fall in SBC's stock was out of kilter with the bank's positive operating performance, albeit a less spectacular one than some envisioned. The Novartis partners Ciba, up 26 francs to 1497 francs, and Sandoz, up 23 francs to 1414 francs, made strident gains on heavy volume By contrast, Redding's certificates ended unchanged at 9190 francs. Elsewhere, Moritz added 11 francs to 1418 francs. Among second addresses, Oerlikon-Buehrle, the engineering group, advanced 3.50 francs to 118.50 francs.
