Stock market continues recovery

The Swiss Market Index (SMI) of the leading 20 companies ended the week on a positive note, up on the day by 4.37 per cent at 5253, after a dip in early trading.

This content was published on August 12, 2011 - 20:00 and agencies

The positive result continued Thursday’s trend, when it closed 5.02 per cent up.

The broader-based Swiss Performance Index (SPI) was up by 4.32 per cent on Friday.

Companies making the greatest gains were those which had previously fallen furthest. They included Clariant (up 9.4 per cent), Logitech (up nine per cent) and SGS (up 7.7 per cent). The two biggest banks, Credit Suisse and UBS, were up by 4.4 and 5.7 per cent respectively.

Similar recoveries were observed on many other European stock markets.

Meanwhile the measures taken by the Swiss National Bank on Wednesday to halt the rise of the franc appear to be working. By Friday morning the euro was worth more than SFr1.1 and it held its value for the rest of the day. On Tuesday evening the two currencies were almost at parity.

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