Swiss Stocks Decline, Extending Weekly Loss; Roche Falls
Swiss stocks fell for the third time in four days, with the benchmark Swiss Market Index headed for a weekly loss after three weeks of gains.
Roche Holding AG (ROG), which constitutes 17 percent of the SMI (SMI) by weight, declined 1.3 percent. Adecco SA gained 2 percent after Credit Suisse Group AG raised its recommendation on the world’s largest supplier of temporary workers.
The SMI dropped 0.5 percent to 7,893.72 at 10:10 a.m. in Zurich. The equity benchmark has retreated 1.1 percent this week as a report showed German investor confidence unexpectedly declined. The broader Swiss Performance Index slipped 0.4 percent today.
The volume of shares changing hands in SMI-listed companies was 21 percent higher than the 30-day average today, according to data compiled by Bloomberg.
Group of 20 finance ministers and central bank governors begin a two-day meeting in Moscow today. U.S. Treasury Secretary Jacob J. Lew said yesterday he will urge his European counterparts to spur growth, citing the American economy as an example of successful recovery.
Roche, the world’s largest maker of cancer drugs, fell 1.3 percent to 232.40 Swiss francs. That brought this week’s decline to 4.6 percent.
Adecco (ADEN) added 2.1 percent to 61.60 francs, gaining for an eighth day. Credit Suisse raised the shares to outperform, the equivalent of a buy recommendation, from neutral, saying European recruiters will probably return to growth in the second half of the year amid an improving economy.
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