July 24, 2014 / 4:50 AM / 3 years ago

Swiss stocks - Factors to watch on July 24

ZURICH, July 24 (Reuters) - Swiss stocks were expected to open a touch higher on Thursday, bucking a move lower in Europe where developments in Ukraine and the euro zone’s disappointing pace of recovery will dominate.

The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8,614 points, according to premarket indications by bank Julius Baer.

The following are some of the main factors expected to affect Swiss stocks on Thursday.


Swiss bank UBS said it had been ordered by French officials on Wednesday to pay 1.1 billion euros ($1.48 billion) in bail after being put under formal investigation over allegations it laundered the proceeds of tax evasion.

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Swiss drugmaker posted a slight fall in sales in the first half, as the strong Swiss franc put the brakes on solid growth of its breast cancer medicines.

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Switzerland’s Lonza said first-half net profit more than trebled as its pharmaceutical and biotech production ingredients arm benefited from drugmakers increasingly outsourcing production.

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* Novartis said U.S. health officials accepted a biologics license application for filgrastim, a drug used to boost production of infection-fighting white blood cells in certain cancer patients receiving chemotherapy.

* Logitech raised its outlook for operating income next year to roughly $170 million after first-quarter sales rose 1 percent to $484 million.

* Basler Kantonalbank said first-half profit fell 18.3 percent to 105.1 million Swiss francs ($116.48 million) amid a strategic overhaul of its business.

* Leonteq said first-half net profit rose 25 percent to 26.8 million and that shareholders will receive one tradable subscription right for every existing share they hold in a rights issue expected to net roughly 173.1 million francs to support the firm’s growth strategy.

* Compagnie Financiere Tradition said second-quarter revenue was down 12.8 percent in constant currencies at 203.8 million francs.


$1 = 0.9023 Swiss Francs

0 : 0
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