Swiss Stocks Climb for a Second Day as Vontobel Advances
Swiss stocks climbed for a second day as Vontobel Holding AG reported earnings.
Vontobel climbed 2.8 percent after posting a 15 percent increase in full-year profit as the bank attracted new client funds. Syngenta AG slipped 2.1 percent after the world’s largest agrochemical company reported full-year earnings that fell short of analysts’ estimates.
The Swiss Market Index rose 0.3 percent to 7,425.66 at 9:34 a.m. in Zurich, rebounding from a decline of as much as 0.2 percent. The equity benchmark has rallied 8.9 percent this year as the Swiss franc weakened against the euro and U.S. lawmakers agreed on a compromise budget. The broader Swiss Performance Index also advanced 0.3 percent today.
The volume of shares changing hands in SMI-listed companies was 35 percent lower than the average of the last 30 days, data compiled by Bloomberg showed.
Vontobel climbed 80 centimes to 29.40 francs as the Swiss bank and brokerage that specializes in derivatives reported that net income rose to 130.6 million Swiss francs ($143 million) from 113.7 million francs a year earlier. That beat the 125 million-franc estimate of five analysts surveyed by Bloomberg.
Givaudan SA added 1.5 percent to 1,086 francs. Deutsche Bank AG upgraded the world’s biggest maker of flavorings and fragrances to hold from sell.
Sulzer AG advanced 2 percent to 150.50 francs after Citigroup Inc. initiated coverage with a buy rating.
Syngenta lost 8.10 francs to 387.40 francs after reporting earnings before interest, taxes, depreciation and amortization of $3.15 billion in 2012. The average analyst estimate had called for Ebitda of $3.19 billion.
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