China Industrial Output Drives Swiss Stock Advance

10 Aug 2013

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.