Swiss Stocks Rebound
April 04, 2011
The Swiss Market Index rose 19.1 to 3585.2 after tumbling 95.4 on Monday, but traders said that confidence in the market remains shaky despite the modest recovery. The dollar's early advance helped bolster share prices, as the Swiss franc -- whose strength was largely the cause of Monday's woes -- eased. The rebound was mixed across sectors, however, with major banks faring the worst. Union Bank of Switzerland eased 4 Swiss francs to 1,211, while CS Holding was unchanged at 127.25 francs. Drug stocks rebounded convincingly, with Roche Holding rising 85 francs to 9,125 and Ciba-Geigy climbing 8 francs to 1,448. One dealer expressed surprise that Alusuisse, which gained 2 francs at 952, didn't post stronger gains. Holderbank, another possible recovery candidate, dipped 4 francs to 919. Nestle, which fell sharply Monday, recovered 21 francs at 1,382.
