Most Swiss stocks advanced as the European Central Bank left its benchmark interest rate at a historic low, amid speculation on the timing of a Spanish bailout. Swiss Re Ltd. rose 2.1 percent, leading a gauge of European insurance companies higher. Nobel Biocare Holding AG slumped 6.5 percent after the world’s second-largest maker of dental implants cut its profit forecast. The Swiss Market Index (SMI) gained 0.2 percent to 6,616.58 at 2:17 p.m. in Zurich as 14 of the 20 shares on the measure climbed. The benchmark gauge has rallied 16 percent from this year’s low on June 4 as ECB policy makers agreed on an unlimited asset-purchase program and the Federal Reserve announced a third round of quantitative easing. The broader Swiss Performance Index added 0.1 percent today. The ECB kept interest rates on hold today as President Mario Draghi waits for Spain to decide if it needs his help. Policy makers meeting in Ljubljana, Slovenia, left the benchmark interest rate at 0.75 percent, as predicted by 48 of 52 economists in a Bloomberg News survey. Four forecast a cut to 0.5 percent. Draghi speaks to reporters 2:30 p.m. local time. The SMI earlier pared gains of as much as 0.5 percent after Spain’s three-year borrowing costs rose at a debt auction. The nation sold 3.99 billion euros ($5.2 billion) of securities, compared with a maximum target of 4 billion euros, the Bank of Spain said. Insurance Companies A gauge of European insurers was among the best performers of the 19 industry groups in the Stoxx Europe 600 Index. (SXXP) Swiss Re, the world’s second-largest reinsurer, gained 2.1 percent to 65.40 Swiss francs. Baloise Holding AG (BALN) rose 0.8 percent to 76.50 francs. Nobel Biocare tumbled 6.5 percent to 8.83 francs, the sharpest decline since Feb. 9, after cutting its profit forecast. Earnings before interest and taxes will probably be 67 million euros to 70 million euros this year as revenue declines by a “modest� single-digit percentage at constant exchange rates, the company said in a statement today. Nobel Biocare said in August that full-year Ebit would be near the level of last year, which was 76.6 million euros, excluding certain items. “As visibility towards an improvement of the Japanese market is low and the uncertainties in Europe remain, we advise investors to remain on the sidelines,� Carla Baenziger, an analyst at Vontobel Holding AG, wrote in a note to clients today. Straumann Holding AG (STMN), the world’s largest maker of dental implants, slid 4 percent to 119.10 francs. Syngenta AG (SYNN) retreated 1.2 percent to 348.80 francs after peer Monsanto Co.’s fiscal 2013 earnings forecast trailed analysts’ estimates. To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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