Swiss Stocks Climb as Adecco, OC Oerlikon Shares Advance
Stock Chart for Adecco SA (ADEN)
Swiss stocks advanced, with the Swiss Market Index trading near its highest level in more than five years, as companies from Adecco SA to OC Oerlikon Corp. rose after reporting earnings.
Adecco increased 1.1 percent after posting a gross margin for the first three months of the year that beat analysts’ estimates. OC Oerlikon gained 1.8 percent after saying that its first-quarter results met its own forecasts.
The SMI (SMI) climbed 0.3 percent to 7,953.72 at 10:43 a.m. in Zurich. The equity benchmark has risen for eight consecutive months, its longest monthly winning streak in seven years. The SMI has rallied 17 percent this year. The broader Swiss Performance Index added 0.4 percent today.
“SMI is moving higher this morning driven mainly by financials and the cyclical sector,” Ion-Marc Valahu, co- founder and fund manager at Clairinvest in Geneva. “The equity market is nearing levels not seen since January 2008.”
Adecco (ADEN) gained 1.1 percent to 51.25 Swiss francs after the world’s biggest supplier of temporary workers described its first-quarter results as solid given the ongoing recession in many European countries. Sales of 4.6 billion euros ($6 billion), missed the average analyst forecast in a Bloomberg survey of 4.7 billion euros.
Oerlikon increased 1.8 percent to 11.10 francs as the textile-machinery maker reiterated its forecast for the full year after reporting first-quarter revenue of 723 million francs ($770 million). The company generated sales of 737 million francs in the same quarter last year.
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