Swiss Stocks Rally, Powered By ABB

(RTTNews) - Swiss stocks rallied for a second day in a row Wednesday, outperforming other European markets despite big fines for Swiss banks accused of trying to rig Libor rates.

UBS AG was fined 12.7 million euros and Credit Suisse Group AG 9.2 million euros for colluding with JPMorgan to set spreads on Swiss franc interest rate derivatives, the European Commission said.

UBS shares were up 1.23 percent, while Credit Suisse rose 1 percent.

In other corporate news, Roche said it would spend $3.2 billion to upgrade its Basel headquarters. Shares added 1.3 percent.

Orior AG said it has appointed Daniel Lutz as the group's new chief executive. Shares rose 1.5 percnet.

Power grid maker ABB Ltd. said third-quarter profit fell 12 percent but beat expectations. Shares rose 2.5 percent.

Biotech company Molecular Partners will delay its initial public offering until further notice.