Swatch Shares Surge After Chairwoman's Upbeat China Comments
06 October 2011 - 2:55AM
Dow Jones News
Shares in Swatch Group AG (UHR.VX) surged Wednesday after
Chairwoman Nayla Hayek said she saw no slowdown in China, one of
its crucial markets.
Shares in the world's largest watchmaker have slumped nearly 20%
in the last two weeks amid fears about weaker consumer demand in
China, but gained nearly 6% after the comments.
"I believe that as usual the movement in our share price is
linked to speculation and hysteria about the euro. For the moment
we do not see any difference in growth in China," Hayek told
Reuters news agency Wednesday.
Shares in luxury rival Compagnie Financiere Richemont (CFR.VX)
also benefited from the positive outlook, with its shares gaining
more than 4%.
A trader said: "There had been some fears about the Far East,
which is really important to the luxury players, but this has
helped calm some of them."
At GMT 1512, Swatch shares traded up 5.4% at CHF318.4, while
Richemont traded up 4.3% at CHF42.45 on the Swiss SMI index, which
was up 1.2%.
-Zurich Bureau, Dow Jones Newswires; +41 43 443 8040;
zurichdjnews@dowjones.com
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