Swiss Shares Up Even As ABB Tumbles 7%

(RTTNews) - Swiss stocks rose on Tuesday despite mixed earnings news, as shares of industrial engineering group ABB plunged on disappointing earnings news.

The Swiss Market Index (SMI) closed with a gain of 0.59 percent to 8,343. 66 points. All but a few stocks were in the green.

ABB lost 7 percent after the company posted an unexpected fall in first-quarter profit and said it would embark on further restructuring of its power systems business.

On the other hand, Geberit rose 4 percent on better than expected results.

Novartis rose 1.3 percent on good news on the effectiveness of its multiple sclerosis drug Gilenya. Rival drug maker Roche was up 0.7 percent.

Panalpina rose 4 percent after turning in quarterly results.