Swiss Stocks Climb as Adecco, OC Oerlikon Shares AdvanceJonathan Morgan
Swiss stocks advanced to their highest level in more than five years as companies from Adecco SA to OC Oerlikon Corp. rose after reporting earnings.
Adecco increased 2.5 percent after posting a gross margin for the first three months of the year that beat analysts’ estimates. OC Oerlikon gained 2.8 percent after saying that its first-quarter results met its own forecasts.
The Swiss Market Index climbed 0.6 percent to 7,977.54 at the close of trading in Zurich, its highest level since January
2008. The equity benchmark has risen for eight consecutive months, its longest monthly winning streak in seven years. The SMI has rallied 17 percent this year. The broader Swiss Performance Index also added 0.6 percent today.
Swiss stocks climbed, “driven mainly by financials and the cyclical sector,” Ion-Marc Valahu, co-founder and fund manager at Clairinvest in Geneva, wrote in an e-mail.
Adecco gained 2.5 percent to 51.95 Swiss francs after the world’s biggest supplier of temporary workers described its first-quarter results as solid given the recession in many European countries. Adecco’s sales of 4.6 billion euros ($6 billion) missed the average analyst forecast in a Bloomberg survey of 4.7 billion euros.
OC Oerlikon increased 2.8 percent to 11.20 francs as the textile-machinery maker reiterated its forecast for the full year after reporting first-quarter revenue of 723 million francs ($769 million). The company generated sales of 737 million francs in the same quarter last year.
Dufry AG gained 2.2 percent to 127.70 francs after predicting that its performance will improve in the second half of this year. The operator of duty-free shops also reported that revenue increased 1.7 percent to 736.4 million francs in the first quarter. That missed the average analyst estimate of 741.2 million francs.
Tornos Holding AG slumped 6 percent to 4.05 francs, its lowest price in more than nine years, after saying that customers have postponed orders, exacerbating its loss.
The maker of machines for precision components said new orders fell 32 percent in the first quarter to 43.8 million francs. The Moutier-based company’s products help make Swiss watches, aircraft screws and medical devices.