Swiss Stocks Decline as ABB Retreats; Givaudan Advances
ABB fell the most in three months after reporting that orders dropped from a year earlier. Givaudan SA (GIVN) added 3.3 percent after posting first-half profit that beat analysts’ projections. Roche Holding AG (ROG) gained 1.4 percent after saying profit climbed 10 percent in the first half.
The Swiss Market Index (SMI) slid 0.3 percent to 7,898.28 at 9:55 a.m. in Zurich. The gauge gained the most since July 10 yesterday as euro-area manufacturing unexpectedly expanded and pharmaceutical companies advanced. The broader Swiss Performance Index also fell 0.3 percent today.
The volume of shares changing hands in SMI-listed companies was 35 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.
The Ifo institute’s business-climate index, based on a survey of 7,000 executives, climbed to 106.1 in July from 105.9 in June, according to the median of 45 forecasts in a Bloomberg News survey. A measure of current conditions also gained, while a gauge of expectations was unchanged, according to estimates.
To contact the reporter on this story: Tom Stoukas in Athens at email@example.com
To contact the editor responsible for this story: Andrew Rummer at firstname.lastname@example.org