Swiss shares extend losses in afternoon trade tracking US futures

Swiss shares extend losses in afternoon trade tracking US futures

	Published : Wed, 10 Jan 2007 14:53 By : Agencies Print this Story

ZURICH (AFX) - Share prices moved lower in afternoon trade, in line with other European markets as US futures point to further losses in early Wall Street trade, dealers said.

At 2.10 pm, the Swiss Market Index was 33.01 points lower at 8,840.99, and the Swiss Performance Index down 25.47 points at 6,981.2.

The euro rose against the Swiss franc to 1.6139 sfr, while the dollar strengthened to 1.2427 sfr.

The Swiss Market extended morning losses with Wall Street seen set for another weak start after yesterday's lower close and hefty falls in Asia overnight, a trader local said.

Shares of Swedish-Swiss engineering group ABB were among the few gainers, last up 0.10 sfr at 21.30, after an upgrade to 'buy' from 'neutral' at UBS earlier today.

The stock has enjoyed a strong run in recent months adding around 60 pct in value in 2006.

Other gainers included Synthes, last up 3.70 sfr at 155.50, and Nobel Biocare, climbing 2 sfr to 390.

Among heavyweights, Novartis rose 0.40 sfr to 71.85. Peer Roche was down 1 sfr at 226, following the US Supreme Court's ruling that US biotech company MedImmune Inc does not infringe a Genentech production-patent known as Cabilly-II thus enabling MedImmune to go ahead with its own related lawsuit against Genentech, which is majority-owned by Roche.

The stock was unaffected by positive news that its Neorecormon drug has been approved in the EU for once-weekly anemia treatment in patients with solid cancer.

Fellow heavyweight Nestle traded flat at 428.

Banks continued under pressure with Credit Suisse shedding 0.95 sfr or 1.1 pct to 83.05 and UBS falling 0.80 sfr or 1.2 pct to 74.05.

Other major decliners included Lonza, down 1.90 sfr or 1.7 pct at 107.60, Baloise falling 2.00 sfr or 1.6 pct to 120.20, and Swiss Life, easing 3.75 sfr or 1.2 pct to 308.25.

Outside the SMI, shares in retailer Jelmoli jumped 71 sfr or 12.8 pct to 624, after announcing a broad range of restructuring measures, possibly including the sale or spin-off and later IPO of its real estate or retail units.

Basilea shares climbed 13.90 sfr or 6.5 pct to 227.70, after the announcement of positive Phase-III trial results for the skin infection treatment Ceftobipro.

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