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Swiss Stocks Rise; SMI Heads for Third Week of Gains

Stocks in Switzerland rose for a third day, extending a five-year high for the Swiss Market Index, as Novartis AG (NOVN) and banks rallied.

Novartis AG jumped to a six-year high after saying U.S. authorities approved the drugmaker’s Ilaris treatment for childhood arthritis. Credit Suisse Group AG (CSGN) advanced 1.9 percent, pacing gains among European banks. ABB Ltd. (ABBN), the world’s biggest supplier of power grids, lost 1.2 percent after saying said Chief Executive Officer Joe Hogan will quit.

The SMI added 0.8 percent to 8,155.89 at 10:04 a.m. in Zurich, its highest level since January 2008. The gauge is heading for its third weekly increase as companies reported better-than-forecast earnings and Chinese trade data beat estimates. The SMI has rallied 20 percent so far this year. The broader Swiss Performance Index rose 0.9 percent today.

The volume of shares changing hands in SMI-listed companies was more than double the average of the past 30 days, according to data compiled by Bloomberg.

To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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