Swiss Re stocks raised by profitability

12th May 2009, Comments 0 comments

Shares in the world's biggest reinsurer Swiss Re increased Friday due to the first quarter results.

ZURICH - Shares in the world's biggest reinsurer Swiss Re increased Friday, raised by the group's return to profitability in the first quarter.

In mid-morning trading, the stock was showing a gain of 11.38 percent to CHF 36.42, leading the Swiss Market Index, which was up 0.65 percent.

The stock already closed 11.83 percent up on Thursday after the Zurich-based reinsurer said it made CHF 150 million in the first three months of 2009, reversing from 2008 when it posted a record annual loss.

The gain was "essentially due to the first quarter results," a Zurich-based trader said.

Investors "hope that Swiss Re is less affected than they had feared by the financial crisis," he added.

The stock was also helped by analysts' positive assessment of the company.

Deutsche Bank increased its price target to CHF 45.

AFP / Expatica

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