Stock market soars to largest gain ever
The Swiss stock market ended the day on Monday with a burst of new life after posting the largest single-day gain in its 20-year history.
After weeks of often chaotic trading, the Swiss Market Index (SMI) of 20 leading companies closed 11.39 per cent higher at 5,956 points. That follows a 6.4 per cent gain on Friday evening.
Big winners on Monday included Credit Suisse, which saw its shares soar nearly 28 per cent to close at SFr43.82 ($38.49). Julius Baer jumped 16.2 per cent to end the day at SFr49.80. UBS closed 12.35 per cent higher at SFr19.10 a share.
The boost comes after numerous European countries, including Germany, Britain and France, announced huge financial aid packages worth nearly €1 trillion($1.35 trillion).
By contrast, the Swiss government has not agreed a rescue package for its banks.
"It is not necessary. Swiss banks have plenty of capital," CEO of the Swiss Bankers Association Urs Philipp Roth said on public television. "The worst could be over. At least let's hope so."
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