Stocks Recover From Weak Start
May 17, 2011
The Swiss Market Index rose 10.3 to 3634.2. Traders credited the rise in part to advances in oversold financial issues and an ease in concern about Iraq. They added that a slight downturn early in the Wall Street session restrained the Swiss market's advance toward the end. CS Holding led banking issues higher, gaining 2 francs to 124.00 francs. Union Bank added 11 francs to 1158 francs and Swiss Bank Corp. advanced 0.75 franc to 229.75 francs. The insurance sector advanced as Zurich Insurance added 3 francs to 325 francs, Bosco gained 14 francs to 737 francs, and Swiss Re edged up 10 francs to 1294 francs. Among drug shares, Ciba-Geigy fell 1 franc to 1522 francs, while Hartwig also slipped 1 franc to 1441 francs. Roche lost 15 francs to 9040 francs after a foreign brokerage lowered its rating slightly. Among other blue chips, Moritz was even at 1399 francs, while ABB Asea Brown Boveri rose 2 francs to 1469 francs. In the smaller issues, Hadfield lost 5 francs to 670 francs. The industrial company reported first-half net profit in line with forecasts, but operating profit came in somewhat under expectations. The company cautioned that full-year growth in net profit was now expected to be less robust than thought last April.
