Swiss Stocks Rise, Extending Five-Year High; Adecco Gains
Swiss stocks rose for a second day, extending the benchmark Swiss Market Index’s highest level in more than five years.
Adecco SA (ADEN) led gains on the SMI (SMI), rising 1.4 percent. Roche Holding AG (ROG) gained after it won U.S. approval to sell a gene mutation test. Actelion Ltd. (ATLN) dropped 1.4 percent after the stock was downgraded at UBS AG.
The SMI jumped 0.6 percent to 8,235.32 at 9:22 a.m. in Zurich, its highest level since Jan. 14, 2008. The gauge has rallied 21 percent so far in 2013, its best start to a year since 1998. The broader Swiss Performance Index also increased 0.6 percent today.
First-quarter gross domestic product in Germany rose 0.1 percent from the fourth quarter, when it fell a downwardly revised 0.7 percent, the Federal Statistics Office in Wiesbaden said today. Economists forecast a 0.3 percent gain, according to the median of 41 estimates in a Bloomberg News survey. The French economy fell into its second recession in a year, with output contracting 0.2 percent in the three months through March.
Adecco, the world’s largest supplier of temporary workers, gained 1.4 percent to 55.15 francs, rising for a fourth day.
Roche rose 0.9 percent to 246.10 francs. The world’s biggest maker of cancer drugs won U.S. approval to sell a gene-mutation test that can help doctors pinpoint patients’ likelihood to respond to a popular treatment for lung cancer.
Actelion, the Swiss drugmaker, slid 1.4 percent to 58.90 francs. The stock was downgraded to neutral from buy at UBS, which said the share price is almost in line with its estimates and could see volatility ahead of the approval of its Opsumit drug in October 2013.
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