ZURICH (Reuters) – Credit Suisse shares traded 1.8% higher on the Swiss stock exchange on Friday before the highly volatile stock later gave back some of its gains.
The stock, which plunged to 1.55 Swiss francs on Wednesday, rose to 2.087 francs from Thursday’s closing price of 2.022 francs.
It later gave back the gains to trade at 2.039 francs or 0.8% higher on the day.
On Thursday the stock recovered 19% of its value after a 25% loss on Wednesday triggered by its largest investor saying it would not be able to increase its stake.
The plunge forced Credit Suisse to seek an emergency liquidity line from the Swiss central bank, in what the lender called a “decisive action” to boost its liquidity.
The head of the bank’s Swiss business said late on Thursday the funding would allow Credit Suisse to continue its revamp, although it could take time to win back client confidence.
(Reporting by John Revill, Editing by Rachel More)