China Industrial Output Drives Swiss Stock Advance

10 Aug 2013


Immigration News

After the Chinese Industrial production surmounted the economists’ forecasts, most of the Swiss stocks show advance. The world’s largest off-shore rig contractor, Transocean Ltd. increased 2.5% as S&P Capital IQ upgraded the shares and Swisscom AG (SCMN) rose 1%.

Fund Manager and Co-Founder of Geneva’s Clairinvest, Ion-Marc Valahu wrote in an e-mail that Chinese data has counterbalanced the weak manufacturing data from France. The Swiss Market Index (SMI) has changed very little this week, bringing its 2013 rally to 17%. However, the Swiss Performance Index gained 0.2% on 9th August.

According to the data from National Bureau of Statistics, the Industrial output of China increased to 9.7% last month, topping the 8.9% median forecast of Bloomberg survey’s economists and the retail sales of the nation increased to 13.2%. As S&P Capital IQ upgraded the stock from hold to buy, snapping a 3-day decline, Transocean jumped 2.5% to 45.16 francs. Switzerland’s biggest phone company, Swisscom has advanced 1% to 428.20 francs and Addex Therapeutics Ltd. (ADXN) gained 2.3% to 3.14 francs after it raised 3.2 million francs selling shares to institutional investors. According to data compiled by Bloomberg, the amount of shares chaniging ownership in SMI listed companies was 17% higher than the average of the last 30 days.


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