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Stock market continues upward surge

The Swiss stock market has continued to build on Monday's major gains, closing up 5.1 per cent at 6,260.22 points.

Tuesday's rise in the Swiss Market Index (SMI) of the 20 leading companies coincided with the United States' announcement that it would pour $250 billion (SFr283.34 billion) into various banks.

Credit Suisse made the biggest leap on the SMI, with its shares up 15.24 per cent at SFr50.50. UBS shares rose by 12.04 per cent to SFr21.40 and insurers Zurich also increased by 11.58 per cent to SFr250.50.

The day's only losers were technology group Oerlikon whose shares dropped by 2.2 per cent to SFr145.30.

The SMI recorded its largest single-day gain in its 20-year history on Monday after aid packages worth nearly €1 trillion (SFr1.55 trillion) were announced by numerous European countries.

The rise followed a nearly eight per cent drop on Friday – the worst on the SMI in 17 years.


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