Stocks in Switzerland Advance for a Third Day
Julius Baer Group Ltd. and Novartis AG (NOVN) led gaining shares. Actelion Ltd. (ATLN) snapped its longest winning streak ever. Lonza Group AG (LONN) fell 1.7 percent after being added to UBS AG’s least preferred list.
The Swiss Market Index (SMI) rose 0.2 percent to 7,962.68 at 4:25 p.m in Zurich, its highest level since May 31. The gauge has rallied 2.3 percent so far this week amid optimism economic data and corporate earnings will improve. The broader Swiss Performance Index added 0.2 percent today.
“If you look at the China data, it doesn’t look so good as it clearly signals a slower growth trend,” said Alessandro Fezzi, senior market analyst at LGT Bank Schweiz AG in Zurich. “There is hope for more details from the Fed minutes on the planned tapering.”
The volume of shares changing hands in SMI-listed companies was 31 percent lower than the 30-day average today, according to data compiled by Bloomberg.
The Federal Reserve releases the minutes of its June 18-19 meeting at 2 p.m. Washington time today. Speaking after that meeting, Chairman Ben S. Bernanke said the central bank may pare its $85 billion of monthly bond purchases this year and end them by mid-2014 if the U.S. economy performs as the Fed forecasts.
In China, a report from the General Administration of Customs in Beijing showed that China’s exports in June fell 3.1 percent from a year earlier. The median estimate in a Bloomberg survey had called for a 3.7 percent gain. Imports dropped 0.7 percent last month, compared with the median projection of a 6 percent increase.
Julius Baer, the third-largest wealth manager in Switzerland, rose 1 percent to 39.13 Swiss francs. It has added 5.7 percent in the last three days.
Novartis advanced 0.9 percent to 69.75 francs, advancing for a third day. The drugmaker has rallied 21 percent so far this year.
Leclanche SA climbed 4 percent to 4.66 francs. The century-old battery maker rose 44 percent yesterday after securing a 17 million-franc ($17.6-million) loan.
Bachem Holding AG jumped 4.8 percent to 41.80 francs. The maker of pharmaceutical ingredients said it found a simpler way to make a multiple sclerosis drug with a global market of more than $4 billion.
Actelion, the drug manufacturer, dropped 0.6 percent to 59.55 Swiss francs, snapping 11 days of gains.
Lonza fell 1.7 percent to 73.75 francs after UBS added the drug-ingredients maker to its “least preferred” list ahead of first-half results on July 25.
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