The Mysterious Surge in Shares of the Swiss National Bank: ChartBy
The Swiss National Bank, one of the few traded central banks in the world, has almost doubled since the end of June, reaching its highest price since 1997 last week. While the stock fell for the past three days and volume has remained low -- a daily average of 152 trades a day since the summer -- the surge has confounded investors as shareholders have no say on monetary policy and their voting rights are capped. “It makes no sense, it’s just a collector’s item,” said Benno Galliker, a trader at Luzerner Kantonalbank AG in Lucerne, Switzerland. SNB spokesman Walter Meier declined to comment on the stock move.
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