Stocks Rise After Late Rally
April 28, 2011
The Swiss Market Index gained 4.2 to 3670.5. Traders said momentum picked up when resistance in the SMI broke at around 3660.0. Banking shares closed higher. Union Bank rose 8 francs to 1176 francs, while Swiss Bank Corp. added 1.50 francs to 240.25 francs. CS Holding, which includes Credit Suisse, gained 2.50 francs to 130.50 francs. CS Holding reached an agreement with Swiss employee groups to soften the impact of its planned elimination of 3,500 jobs as part of its reorganization. Swiss Reinsurance again stood out in the insurance sector, gaining 11 francs to 1283 francs. Among drug shares, Ciba and merger partner Sandoz gained on good buying from the U.S. and U.K. Ciba rose 15 francs to 1525 francs and Hartwig added 15 francs to 1430 francs. Among other blue chips, Moritz increased 11 francs to 1418 francs, while ABB Asea Brown Boveri gained 11 francs to 1497 francs. In the smaller issues, watch group SMH rose 3 francs to 181.50 francs in the afterglow of its high profile at the Games. Meanwhile, Alusuisse fell 12 francs to 925 francs after forecasters slightly lowered their profit expectations.
