Swiss Stocks Are Little Changed as Swatch Gains on Profit

Swiss stocks were little changed, with the benchmark Swiss Market Index (SMI) near a two-week low, as investors watched earnings from Swatch Group AG to AMS AG. (AMS)

Swatch rose 1.8 percent after the watchmaker said it predicts a strong second half after first-half profit rose. Sulzer AG (SUN) tumbled 12 percent after the pump maker posted first-half net income that missed analyst estimates and said profit will be lower in the full year. AMS plunged 10 percent after the maker of semiconductors said earnings and sales dropped in the first six months of 2013.

The Swiss Market Index lost less than 0.2 percent to 7,912.82 at 9:46 a.m. in Zurich. The equity benchmark has risen 16 percent so far this year, the fourth-best performing of the 24 developed markets tracked by Bloomberg. The broader Swiss Performance Index also slipped less than 0.2 percent today.

The number of shares trading hands in SMI-listed stocks was 19 percent lower than the average of the past 30 days at this time of the day, data compiled by Bloomberg show.

Swatch, the biggest maker of Swiss watches, jumped 1.8 percent to 539 Swiss francs after posting first-half net income of 768 million francs ($821 million). That beat the 747 million-franc average of five estimates 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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