Stocks in Switzerland were more or less unchanged on today, after experiencing the biggest advance in last 6 weeks for the benchmark stock gauge Swiss Market Index on last week. The benchmark Swiss Market Index, also known as SMI went up by less than 0.1% on today and it is currently at 7,790.55. On 7th June, the gauge went up by 2.1%, thereby marking its biggest surge since 23rd April. The stocks were mostly boosted by the positive reports coming out of US market. On today, the broader Swiss Performance Index went ahead by 0.1% as well. Incidentally, the total volume of shares which changed hands on the Swiss Market Index on today was 33% less if compared with the average of last 30 days.
According to the Head of Research Department of Charles Stanley Group, Jeremy Batstone-Carr, the overall global growth story is more or less the same till this date. Jeremy added that no one wants to buy on the dips or sell the rallies either; thereby things will be steady as investors move forward. At this point of time, the most encouraging piece of news for the equities is probably that the trend in the global earnings revisions seems to have toughened.
Among companies, Zurich Insurance went down by 1% as each share is now priced at 244.4 Swiss Francs. JPMorgan Chase & Co. lowered the recommendation for Zurich Insurance to underweight, the previous rating being neutral.
On the other hand, recording its biggest decline since January, 2008, AMS saw its shares tumbling by 17% and each share is now at 71.25 Swiss Francs. The manufacturer of the analog semiconductors stated that the operating profit of the same will be declining in 2013 as the clients are delaying the orders. However, the officials of AMS declined to disclose the name of those clients delaying orders. Incidentally, Apple Inc. is one of the most high-profile clients of AMS.
Novartis, on the other hand, saw its shares going up by 0.8% and each share of the same is now at 67.75 Swiss Francs. According to a study financed by the company, patients who took interferon are showing improvement, as they switched from the Gilenya drug. Incidentally, interferon is a standard treatment for dealing with multiple sclerosis. The annualized relapse rates went down by more than 50% in a year after patients made this switch.