Swiss Stocks Near 6-year Highs, Led By Banks

(RTTNews) - Swiss stocks rose sharply Friday, nearing 6-year highs after surprising stimulus from the Bank of Japan lifted global markets.

In a 5-4 vote, the Policy Board led by Governor Haruhiko Kuroda decided to raise the monetary base at an annual pace of about 80 trillion yen. The earlier plan was to increase it by about 60-70 trillion yen.

The Swiss Market Index rose 1.36 percent to 8,837.78. While gains were more pronounced in other European markets, Swiss shares have easily outperformed so far in 2014.

The SMI is up about 10 percent year-to-date.

Lonza shares plunged 8.5 percent after the chemicals makers said a temperate U.S. summer hurt demand for water treatments.

Credit Suisse added 2.5 percent. The lender announced it was setting aside only $390 million for litigation reserves.

Rival UBS gained 2.5 percent, while staffing company Adecco picked up 2.4 percent.