Share Prices Sink
March 29, 2011
The Swiss Market Index fell 21.9 points to 3656.2 after plunging 76.5 Tuesday. Traders said moves in both currencies depressed export-orientated issues, while wild swings on Wall Street further depressed sentiment. But a relatively stable interest-rate situation provided some support. News that the European Union Commission approved the Novartis merger between Ciba-Geigy and Sandoz pulled both stocks moderately higher in late afternoon trading. Ciba closed 1 franc higher at 1,485 and Sandoz advanced 6 francs to 1,400. Nestle fell sharper than the overall market, ending 25 francs lower at 1,405. The stock had risen sharply over the past two weeks, initially on a raft of rumors. The major banks were lower, with UBS down 6 francs to 1,228 and Swiss Bank down 0.75 franc to 239 francs. Insurance issues were also weaker. Among industrials, ABB fell 13 francs to 1,482.
VastPress 2011 Vastopolis
