Swiss Stocks Extend Five-Year High; Nestle Leads Gains
Swiss stocks advanced for a third day, extending a five-year high, as investors awaited reports on U.S. employment and services industries.
The SMI added 0.3 percent to 7,924 at 9:24 a.m. in Zurich, its highest level since January 2008. The broader Swiss Performance Index also advanced 0.3 percent.
U.S. service industries, which account for about 90 percent of the economy, grew at a slower pace last month, a report may show today. The Institute for Supply Management’s non- manufacturing index slipped to 55.5 in March from 56 in February, according to the median economist estimate in a Bloomberg survey. Readings above 50 indicate expansion.
A separate private report based on payrolls from the ADP Research Institute may show companies added 200,000 workers in March. The data comes before Friday’s monthly jobs report from the Labor Department.
Nestle advanced 0.6 percent to 69.85 Swiss francs. The world’s largest food company is trading at the highest price since at least 1989.
Meyer Burger (MBTN) dropped 1.4 percent to 7.71 francs, snapping a four-day rally. The supplier of machinery to solar-panel makers plans to sell as many as 48.2 million new shares. They would be offered to existing shareholders through subscription rights, the company said.
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