"Dampening sentiment is a report that shows that banks continue to park large amounts of cash with the ECB"
- Chris Beauchamp, a market analyst at IG Index
Swiss stocks gained on Friday despite the fact that the European Central Bank overnight deposits soared after the bank allotted 529.5 billion euros in long-term refinancing operation.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, advanced 0.34%, or 21.09 points, to 6,149.37. The broader Swiss Performance Index rose 0.42%, or 23.76 points, to 5,622.18.
"Dampening sentiment is a report that shows that banks continue to park large amounts of cash with the ECB, despite the substantial largesse distributed in the two refinancing operations," said Chris Beauchamp, a market analyst at IG Index in London.
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