13  Treasury shares

  

Number
of shares

  

2018
Value
CHF million

  

Number
of shares

  

2017
Value
CHF million

Market value as at 1 January

  

29 528

 

4.9

  

12 000

  

1.8

Purchases

  

228 316

 

36.0

  

164 174

  

27.6

Sales

  

–200 789

 

–31.7

  

–146 646

  

–24.7

Income on treasury shares as at 31 December

    

–0.3

    

0.2

Market value as at 31 December

  

57 055

 

8.9

  

29 528

  

4.9

The average purchase price per share stands at CHF 155.35 (31.12.2017: CHF 165.25).