Swiss market bounces back
After five days of nervous ups and downs, the Swiss stock exchange closed the week on a positive note, climbing over the 6,000-point mark.
The Swiss Market Index of leading blue chip companies finished Friday trading at 6,099.62 points, or 6.7 per cent higher than Thursday’s close.
Shares of the pharmaceutical giant Novartis were up 11.95 per cent to SFr59.50 ($52.47) while Nestlé rose 7.33 per cent to SFr43.95 per share.
Stock in UBS, Switzerland’s largest bank, failed to perform even after the announcement of a government rescue package worth over SFr60 billion on Thursday.
The bank’s shares lost 4.9 per cent on Friday, settling to SFr18.16.
In Frankfurt, the DAX index closed 3.4 per cent higher and London’s FTSE 100 finished the day up 5.2 per cent.
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