Blue Chips Boost Market
May 05, 2011
The Swiss Market Index gained 12.4 points to 3725.4. Roche led the blue chips, advancing 80 francs to 9,480, extending its week-long advance. The pharmaceutical sector continues to be favored by investors, traders said. The Novartis partners Sandoz and Ciba-Geigy also rose. Hartwig added 1 franc to 1457, and Ciba-Geigy gained 5 francs to 1563. Among banking shares, UBS led the otherwise mixed sector with a 12-franc improvement to 1201. CS holding, which includes Credit Suisse, closed 0.75 franc lower at 127.75, and Swiss Bank dropped 1 franc to 237.25. Elsewhere, SMH had a very good market, traders said. SMH added 2.50 francs to 182.50. Liquidity injections by the Swiss National Bank into the money market indicate that the SNB still supports a low-interest-rate policy, traders said.
