Most Swiss stocks advanced, after the Swiss Market Index rose to its highest level in almost four weeks yesterday, as U.S. President Barack Obama postponed a decision on whether to take military action against Syria.
Schaffner Holding AG (SAHN) gained 1.9 percent after the maker of electric components said that sales will grow at a faster pace in its fiscal second half than they did in the first half. Kudelski SA, a digital-security company, climbed 1.6 percent. Geberit AG (GEBN) added 1.1 percent as Credit Suisse Group AG upgraded its recommendation for the maker of toilets and bathroom piping.
The SMI (SMI) advanced 0.1 percent to 8,049.83 at 9:43 a.m. in Zurich as five stocks climbed for every one that dropped. The equity benchmark has still fallen 4.2 percent from this year’s high on May 22 as the Federal Reserve said it may reduce its monthly bond purchases if the economy improves in line with its forecasts. The broader Swiss Performance Index also added 0.1 percent today.
The volume of shares changing hands in SMI-listed companies was 19 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.
The Swiss stock gauge jumped 1.3 percent yesterday as reports showed that Chinese industrial production and retail sales grew at a faster-than-expected pace in August. The SMI has surged 18 percent this year as central banks around the world pledged to leave interest rates low for a prolonged period.
To contact the reporter on this story: Corinne Gretler in Zurich at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com