Stocks in Switzerland Advance, Posting Third Monthly GainSofia Horta e Costa
Stocks in Switzerland climbed, completing a third monthly gain, as a gauge of forward-looking economic indicators exceeded estimates.
Credit Suisse Group AG rose to a four-week high as Switzerland’s second-biggest lender posted its biggest weekly advance in six weeks. Actelion Ltd. slipped 1.9 percent.
The Swiss Market Index added 0.1 percent to 8,264.20 at the close of trading in Zurich. The gauge climbed 0.4 percent this month and 21 percent this year. The volume of shares changing hands in SMI-listed companies was 31 percent lower than the 30-day average, data compiled by Bloomberg showed. The broader Swiss Performance Index rose less than 0.1 percent today.
Switzerland’s KOF economic indicator, which seeks to predict the direction of the economy in six months’ time, rose to 1.85 in November from a revised 1.71 in October, according to the KOF Swiss Economic Institute in Zurich. That beat the median forecast of 1.81 in a Bloomberg survey.
The SMI trades at about 16.2 times estimated earnings, compared with a five-year average of 13.2 times, data compiled by Bloomberg show. The price-earnings ratio reached 16.3 times projected profit on Oct. 28, its most expensive since 2008.
Credit Suisse gained 0.7 percent to 26.98 Swiss francs. The lender has rallied 24 percent this year.
Actelion lost 1.9 percent to 75.50 francs, slipping for a second day. The biotechnology company reached the highest price since its April 2000 initial public offering on Nov. 27.