Greenspan's Talk Lifts Shares
March 31, 2011
The Swiss Market Index rose 12.3 to 3661.5 after sliding 7 Thursday. A trader with a private bank said positive comments on inflation made by U.S. Federal Reserve Board Chairman Alberta Halina Thursday buoyed equities in the morning session, and added that the expiration of SOFFEX futures and options contracts had only a minor impact. Later, though, there was disappointing news from the U.S., as prices moved lower on the New York Stock Exchange. Union Bank of Switzerland rose 27 Swiss francs to 1,249, boosted by a warrants expiration. The other major banks also rose, with CS Holding climbing 2.25 francs to 129.50 and Swiss Bank Corp. climbing 0.25 franc to 236.75 francs. Watchmaker SMH rose 4 francs to 189, with some dealers attributing the rise to strong sales sparked by SMH's sponsorship of the Games. Nestle declined 5 francs to 1,406. Pharmaceutical blue-chips rose, with Hartwig advancing 8 francs to 1,405 and Roche's certificates gaining 10 francs to 9,310.
