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Swiss stocks - Factors to watch on April 23
April 23, 2013 / 4:45 AM / 5 years ago

Swiss stocks - Factors to watch on April 23

ZURICH, April 23 (Reuters) - Swiss stocks were expected to open slightly higher on Tuesday, held back by recent global growth concerns highlighted by slowing April manufacturing growth in China.

The Swiss blue-chip SMI was seen opening up 0.1 percent at 7,619 points, according to pre-market indications provided by Julius Baer.

The following are some of the main factors expected to affect Swiss stocks on Tuesday:


Richemont said full-year profit will rise by nearly one third from last year’s 1.54 billion euros ($2.01 billion), helped by favorable currency swings.

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Swiss drugmaker Novartis said on Tuesday results from a 64-week study showed daily treatment with one of its investigational treatments helped ease conditions for patients suffering chronic lung disorders.

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Swiss drugmaker Roche Holding AG ROG.VX is cutting 170 jobs in Germany and the United States in a reorganisation of its life sciences business to beat price pressure and research funding cuts.

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Credit Suisse Group AG has agreed to sell a private equity business to Blackstone Group, the latest move by an investment bank to sell a business with illiquid assets in order to appease regulators and bolster its balance sheet.

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Switzerland accused the European Union on Monday of being protectionist and fragmenting global markets with new rules that are unfair to countries outside the bloc.

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* Georg Fischer said its automotive division won a major order for more than 380 million Swiss francs ($406 million) from a well-known European truck manufacturer, with serial production to start in the current quarter.

* Micronas said now expects sales of 74 million francs and a margin on earnings before interest and tax (EBIT) in the lower single-digit percentage range, after a 1.0 million franc first-quarter net profit.

* Adval Tech said it wants to achieve a turnaround at EBIT level this year, after it narrowed its full-year net loss to 15.4 million francs from 16.3 million one year ago.

* Dufry said it completed the acquisition of 51 percent of Greek travel retailer Folli Follie Group, announced in October.

* Ams said it will begin the search for successor to Chief Executive John Heugle, who has informed the board that he will not extend his contract beyond the current term ending February 2014.

* Adecco appoints David Hancock as new head of investors relations.

* Gottex said shareholders approved all the proposals put forward by the Board of Directors.


* Exports from Switzerland fell by a real 2.0 percent in March to 16.95 billion Swiss francs, the Federal Customs Office said on Tuesday.

$1 = 0.9361 Swiss francs

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