"For the short term, it [approval of a bailout for Greece] means the Greek problem is behind us and that investors can now focus on the real economy"
- John Plassard, director at Louis Capital Markets SA
Swiss stocks gained for a fifth consecutive day after the euro area's finance chiefs approved a second bailout package for Greece.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, rose 1.13%, or 70.16 points, to 6,260.02. The broader Swiss Performance Index advanced 1.13%, or 64.06 points, to 5,739.87.
"The market focuses on the green light for Greece's aid package," said John Plassard, director at Louis Capital Markets SA in Geneva.
"For the short term, it means the Greek problem is behind us and that investors can now focus on the real economy. The fact that euro-area finance ministers have agreed to be more flexible about Spain's deficit targets this year reduces the fear that the country will follow the path of Greece."
© Dukascopy Bank