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Markets

Swiss stocks surge 4.28pc on currency peg announcement

Published Updated

switzerland-stock-marketZURICH: Swiss stocks surged over four percent in early trading on Tuesday after the Swiss National Bank announced a currency peg of 1.20 francs per euro.

At 0821 GMT the Swiss Market Index of the twenty most traded stocks was up 4.28 percent to 5,362.9 points. The Swiss franc has risen strongly in response to the eurozone debt crisis, hitting Swiss exporters and the tourism industry hard.

Copyright AFP (Agence France-Presse), 2011

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