Swiss Stocks Decline From Five-Year High; Adecco DropsAdria Cimino
Swiss stocks retreated from a five-year high as Adecco SA’s profit missed analysts’ estimates and a report showed euro-area industrial output fell in January.
Adecco, the biggest supplier of temporary workers, declined for a second day. Cytos Biotechnology AG, a maker of biopharmaceuticals, surged to its highest price in almost two months after its asthma drug succeeded in a trial.
The Swiss Market Index dropped 0.3 percent to 7,780.88 at the close of trading in Zurich, after yesterday rising to its highest level since February 2008. The benchmark gauge has still climbed 14 percent this year as the U.S. unemployment rate fell and speculation mounted that central banks will continue to support economic recovery. The broader Swiss Performance Index lost 0.3 percent today.
“There’s a certain amount of profit taking,” said Arnaud Scarpaci, a fund manager at Montaigne Capital in Paris, which oversees $260 million. “Adecco’s earnings weren’t good. The company is a reading of the economy and presents a picture of the jobs market.”
The volume of shares changing hands in companies on the SMI was 17 percent lower than the average of the past 30 days, data compiled by Bloomberg showed.
Euro-area January industrial output fell 0.4 percent from December, according to a release from the European Union’s statistics office in Luxembourg. That compares with an estimate for a 0.1 percent decrease.
Adecco lost 2.1 percent to 53.55 Swiss francs. The company reported fourth-quarter net income of 35 million euros ($45.6 million), missing the average analyst estimate of 82.8 million euros.
Kaba Holding AG, a provider of mechanical and electronic security systems, lost 5 percent to 389.75 francs. The provider of security systems reported a 4.8 percent decrease in first-half net income.
Cytos Biotechnology jumped 9.7 percent to 4.29 francs, its highest price since Jan. 16. The company said its experimental treatment for allergic asthma met its main goals in a patient study.