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Swiss Stocks Advance; UBS, Adecco, Logitech Lead the Gains

Updated on

Swiss stocks rose after JPMorgan Chase & Co. posted a better-than-expected first-quarter profit and Intel Corp. forecast second-quarter sales that topped analysts’ estimates.

UBS AG advanced 2.4 percent as HSBC Holding Plc recommended investors increase their holdings in Switzerland’s biggest bank. Adecco SA rallied 3.9 percent after Chief Executive Officer Patrick de Maeseneire told Handelszeitung the staffing company’s big markets are growing. Logitech International SA and Micronas Semiconductor Holding AG climbed as technology shares led gains in Europe.

The Swiss Market Index of the largest and most actively traded companies rose 30.73, or 0.5 percent, to 6,916.59 at the close of trading in Zurich. The gauge has surged 5.7 percent this year as central banks maintained record low interest rates and the European Union agreed a contingency rescue plan to help Greece. The broader Swiss Performance Index advanced 0.5 percent to 6,083.37 today.

“The better-than-expected result from Intel is creating positive sentiment,” Peter Buergler, a trader at Luzerner Kantonalbank in Lucerne, wrote in a note.

Stocks extended gains after JPMorgan, the second-biggest U.S. bank by assets, said first-quarter earnings rose 55 percent, beating analysts’ estimates, on higher trading revenue.

UBS, Credit Suisse

UBS rose 2.4 percent to 18.48 Swiss francs. The bank was raised to “overweight” from “neutral” at HSBC.

Chief Executive Officer Oswald Gruebel said at the annual shareholders’ meeting that he’s upbeat about the prospects for UBS after a return to profit, even as he predicted further withdrawals at the private bank.

EFG International AG rallied 13.5 percent to 20.25 francs. The private bank controlled by billionaire Spiro Latsis was raised to “buy” from “neutral” at Helvea SA.

Adecco gained 3.9 percent to 64.3 francs. The world’s largest supplier of temporary workers’ “big markets” have returned to growth during the first quarter, de Maeseneire told Handelszeitung in an interview.

Logitech, the world’s biggest maker of computer mice, rose 2.5 percent to 18.74 francs. Micronas Semiconductor advanced 6.2 percent to 6.39 francs.

Technology shares gained after Intel, the world’s biggest chipmaker, yesterday said second-quarter revenue will climb as high as $10.6 billion, exceeding analysts’ predictions, and 2010 gross margins will widen to a record.

Elma, Vaudoise

Elma Electronic AG rose 2.9 percent to 435 francs. The maker of electronics casings whose customers include Motorola Inc. said its full-year net loss narrowed to 3.61 million francs ($3.43 million) from 6.37 million francs the year earlier.

Vaudoise Assurances Holding SA climbed 4.2 percent to 249 francs. The insurer reported a full-year net profit of 126.7 million francs, beating the 54.8 million-franc estimate of Bank Vontobel AG, which upgraded the shares to “buy” from “hold” following the announcement.

Sonova Holding AG advanced 2.4 percent to 136 francs. The hearing-aid maker grew faster than the market in the first quarter, Handelszeitung reported, citing Chief Executive Officer Valentin Chapero in an interview.

Temenos Group AG declined 3.9 percent to 31 francs. The banking software maker was cut to “neutral” from “buy” at UBS.

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