Swiss shares move lower in morning trade tracking Wall Street |
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Fri, 26 Jan 2007 10:49
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ZURICH (AFX) - Share prices moved lower in morning trade, in-line with other European bourses, following sharp falls overnight on Wall Street and Asia, dealers said.At 10.20 am, the Swiss Market Index was 45.95 points lower at 9,088.15, and the Swiss Performance Index down 35.82 points at 7,191.68.The euro was slightly higher against the Swiss franc at 1.6161 sfr, while the dollar rose to 1.2505 sfr.Investors have opted for profit-taking, following the lead from Wall Street amid disappointing US data, and with a flurry of local corporate news failing to impact, a trader here said.Nevertheless, investor sentiment remains fundamentally positive, he said.Credit Suisse, among yesterday's major gainers, was a notable underperformer today, last down 1.1 pct or 1 sfr at 87.50, while rival UBS was off 0.40 at 77.65 sfr, with news that it has acquired Standard Chartered's mutual funds business in India, worth 147 mln sfr, failing to impact.According to UBS, the business has an estimated 4 bln sfr of assets under management.Elsewhere among financials, Julius Baer was down 1.1 pct or 15 sfr at 1,362.Swiss Re fell 0.70 to 104.70 sfr, with the Swiss reinsurer saying costs of winter storm Kyrill will be limited to only 140 mln eur, reflecting its hedging strategy and strict underwriting policy.Other losers included Adecco, down 1.5 pct or 1.20 sfr at 79.30, and Syngenta, off 1.3 pct or 3 sfr at 228.50.Novartis was the market's only gainer, adding 0.05 sfr to 72.65, while fellow heavyeight Roche was down 1.30 at 234.30 sfr.Outside the SMI, StarragHeckert rose 8 sfr or 1.3 pct to 605, after the Swiss engineering group reported forecast-beating sales of 190.2 mln sfr, up from 159.9 mln last year, reiterating expectations of significantly improved full-year 2006 results. New orders improved to 206.0 mln sfr from 168.1 mln.afx.zurich@afxnews.comat/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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AFX European summary - late Thursday, January 25 2007 