Swatch, Defensives Help Swiss Stocks Rise Amid Global Selloff
2018-01-30 10:37:15.836 GMT
By Blaise Robinson
(Bloomberg) — Swiss benchmark SMI gains as much as 0.5%, outperforming a 0.5% drop in Stoxx Europe 600 and amid global equity pullback, as Swatch gains 3% following strong results while peer Richemont gains 1.8%
* “Swatch results show a encouraging improvement in profits, which bodes well for the industry,"Ion-Marc Valahu, co-founder and fund manager at Clairinvest in Geneva, says by phone
* Defensive names Roche and Nestle also gain ground
* Swiss franc’s recent strength is not a major concern for country’s stocks, Valahu says
* “Swiss companies have had a strong track record at managing costs, so they’re quite resilient to currency swings”: Valahu
RELATED:
* Swatch Ends Year Solidly With 2H Beat: Morgan Stanley