Most Swiss stocks advanced, with the Swiss Market Index trading near its highest level since May, as companies from ABB Ltd. (ABBN) to Logitech International SA (LOGN) reported profit that exceeded analysts’ estimates.
ABB gained 4.4 percent after saying that growing orders from China and Germany contributed to higher net income. Logitech rallied 7 percent. Credit Suisse Group AG (CSGN) declined 2.3 percent as Switzerland’s second-biggest bank posted a smaller increase in quarterly profit than analysts had estimated.
The SMI (SMI) added 0.1 percent to 8,219.09 at 9:28 a.m. in Zurich, as three stocks climbed for every two that dropped. The equity benchmark has advanced 2.4 percent so far in October as U.S. lawmakers reached an agreement to reopen the partially closed government and avoid a sovereign default. The broader Swiss Performance Index also increased 0.1 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.
In China, a report showed manufacturing strengthened this month more than economists had forecast. The preliminary 50.9 reading for a purchasing managers’ index from HSBC Holdings Plc and Markit Economics exceeded the 50.4 median estimate of analysts surveyed by Bloomberg News. Readings above 50 mean that activity expanded.
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