Navigation

Banks lead stock market rally

Switzerland's blue chip index, the Swiss Market Index (SMI), closed 6.27 per cent higher on Monday, thanks to large gains by the big banks, UBS and Credit Suisse.

This content was published on November 24, 2008 - 19:34

The UBS share price ended the day's trading at SFr13.78 ($11.50) or 21 per cent higher than on Friday, while Credit Suisse's shot up 16 per cent.

One trader told the Reuters news agency that comments made by the head of Switzerland's banking commission in a Sunday newspaper "turned on the turbo-engines" of UBS and Credit Suisse.

Daniel Zuberbuehler said he would not rule out that UBS might need more government aid to survive the financial crisis.

The share prices of Switzerland's big insurance and reinsurance companies also ended Monday much higher up.

Zurich jumped seven per cent and Swiss Re saw its share value increase by ten per cent.

Another trader said Monday's recovery might be a sign that the end of falling prices may be near, increasing chances of a Christmas rally.

This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

Share this story

Change your password

Do you really want to delete your profile?