March 23, 2018 / 6:24 AM / 4 months ago

Swiss stocks - Factors to watch on March 23

ZURICH, March 23 (Reuters) - The Swiss blue-chip SMI was seen opening 1.2 percent lower at 8,532 points on Friday, according to premarket indications by bank Julius Baer .

Here are some of the main factors that may affect Swiss stocks:

CREDIT SUISSE

Chief Executive Tidjane Thiam earned 9.7 million Swiss francs in 2017, a 5.3 reduction over his prior-year compensation, Switzerland’s second-biggest bank said.

Three bankers have left Credit Suisse as part of a reorganisation of the bank’s emerging markets trading business, a source familiar with the matter told IFR.

NOVARTIS

The drugmaker plans to file its BAF312 multiple sclerosis drug for U.S. approval within weeks as it seeks to refresh its portfolio of neurological medicines that is about to be hit by patent losses.

UBS

The bank’s share buyback programme announced in January will start on March 26 via a second trading line and is planned to stay open until March 25, 2021

The head of corporate client solutions for the Americas at UBS, Joe Reece, is leaving the Swiss lender after just four months in the role, according to an internal memo, the contents of which were confirmed by a spokeswoman for the bank. UBS has appointed Sam Kendall to replace Reece on an interim basis.

WATCHMAKERS

Swiss watchmakers expect further sales growth this year, driven by demand from China where a younger generation of shoppers discovers its appetite for watches, executives told Reuters.

MEDARTIS

Shares in medical devices maker make Swiss market debut

COMPANY STATEMENTS

* LEM Holding SA: ‍wemaco Invest Ag and Swisa Holding AG increased its shareholding in LEM to 50.01%

* Adval Tech Holding AG: FY ‍total income of CHF 207.9 million (2016: CHF 227.1 million; FY ‍EBITDA of CHF 19.2 million (2016: CHF 22.4 million)​​

Reporting by Zurich newsroom

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