Swiss stocks rose for a fourth session before a report that may show American employers added jobs in May for a fifth consecutive month.
Adecco SA increased 3.1 percent. ABB Ltd. gained 1.5 percent after Sanford C. Bernstein & Co. named the world’s largest builder of power-transmission networks among companies set to benefit from a weak euro. Coltene Holding AG climbed 8 percent after Bank Vontobel AG suggested investors buy shares of the Swiss dental product and equipment company. Meyer Burger Technology AG surged 2.6 percent after winning a new order.
The Swiss Market Index, a gauge of the biggest and most actively traded companies, gained 33.07, or 0.5 percent, to 6,451.89 as of 10:27 a.m. in Zurich, taking this week’s increase to 2.1 percent. The gauge is still down 7.4 percent from this year’s high on April 15 amid concern that European nations will have difficulties reducing their budget deficits without harming the economic recovery. The broader Swiss Performance Index increased 0.6 percent to 5,672.86 today.
The Labor Department report, due at 8:30 a.m. in Washington, may show U.S. payrolls climbed by 536,000 in May, the most since 1983, according to the median forecast of 82 economists surveyed by Bloomberg. The jobless rate is forecast to fall to 9.8 percent from 9.9 percent the previous month. Survey estimates for the gain in payrolls range from 220,000 to 750,000.
Adecco, the biggest supplier of temporary workers, gained 3.1 percent to 57.1 francs before the report.
ABB increased 1.5 percent to 20.11 francs. Bernstein said in a note today that “a weak euro improves the competitive position of Siemens AG, ABB and Alstom SA the most.”
Separately, the company agreed to buy Louisiana-based K-TEK for an undisclosed sum. K-TEK, which will join the measurement products business unit within ABB’s process automation division, has annual sales of about $50 million and employs more than 250 people with operations in China, the Netherlands, India, South Africa and the U.S., according to an e-mailed statement.
Coltene advanced 8 percent to 61 francs. Vontobel upgraded the stock to “buy” from “hold.” The brokerage said in a note today that “Coltene is more a value than a growth play with a strong balance sheet, stable single-digit sales growth and EBIT margins in the teens, strong cash generation and a high payout ratio culminating in a dividend yield of above 5 percent.”
Meyer Burger Technology advanced 2.6 percent to 25.95 francs. The maker of industrial cutting equipment won an order worth more than 25 million francs ($21.7 million) with a new customer in China.
APEN AG rose 3 percent to 17.3 francs. Christian Wenger has revoked his intention to step down from Apen Ltd.’s board and will stand for re-election at the June 7 annual shareholders meeting, the Swiss investment company said in an e-mailed statement.