April 29, 2013 / 4:46 AM / 5 years ago

Swiss stocks - Factors to watch on April 29

ZURICH, April 29 (Reuters) - Swiss stocks were expected to trade little changed at the open of trading on Monday, after Asian shares inched ahead.

The Swiss blue-chip SMI was seen opening flat at 7,858 points, according to pre-market indications provided by Julius Baer.

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


The U.S. government announced its second civil fraud lawsuit against Novartis AG in four days, accusing a unit of the Swiss drugmaker of paying multimillion-dollar kickbacks to doctors in exchange for prescribing its drugs.

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Belgium has pared back its public debt with the sale of the structured credit portfolio held by its ‘bad bank’, Royal Park Investments, to U.S. private equity firm Lone Star and Credit Suisse, the finance ministry said.

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Zurich Insurance has backed away from deal talks in emerging markets as prices hot up, the insurer’s chairman said in a newspaper interview.

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UBS AG’s Wealth Management Americas has expanded its adviser force in New York with a veteran team from rival brokerage Morgan Stanley Wealth Management.

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* Walter Meier said it is selling its wholesale air conditioning business in Germany to Swegon, after withdrawing earlier from France and Britain.

* Basilea said it presented new data on development drugs at the European Congress of Clinical Microbiology and Infectious Diseases, or ECCMID in Berlin.

* Myriad said it completed the acquisition of RCS products and intellectual property from Metaswitch, meant to extend and enhance the social messaging portfolio the company provides to network operators.

* Forbo said shareholders reelected Albert Gnaegi and Michael Pieper to the board and approved a 12 franc payment to shareholders from capital contribution reserve, exempt from withholding tax.

* EFG said shareholders approved a 0.10 franc per share payout and elected Nico Burki and Bernd von Maltzan as additional members of the board.

* EFG Financial Products said it hired Nathan Parker as head of operational services effective April 29.


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