Swiss Stocks Gain for Fourth Day; SMI at Three-Week High
Stocks in Switzerland advanced for a fourth day, with the benchmark index reaching a three-week high, as health-care and luxury-goods shares rose.
Novartis AG (NOVN) and Roche Holding AG (ROG) climbed, contributing the most to the benchmark gauge’s gain. Cie. Financiere Richemont SA, the owner of the Cartier brand, advanced 1.6 percent. Meyer Burger Technology AG (MBTN) fell after reporting a first-half loss in a preliminary report. Cytos Biotechnology AG (CYTN) plunged 7.6 percent as the developer of an experimental drug for allergic asthma posted a wider loss in the second quarter.
The Swiss Market Index (SMI) gained 0.3 percent to 8,001.32 at 9:41 a.m. in Zurich. The equity benchmark climbed 2.1 percent last week as the European Central Bank said interest rates will remain low for an extended period of time. The broader Swiss Performance Index added 0.2 percent today.
The volume of shares changing hands in companies listed on the SMI was about equal to the average of the last 30 days, according to data compiled by Bloomberg.
In the U.S., Federal Reserve Bank of Dallas President Richard Fisher yesterday said investors should not expect the central bank to come to their rescue every time asset prices fall.
“Financial markets may have become too accustomed to what some have depicted as a Fed Put,” Fisher said in a speech in Portland, Oregon.
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