Swiss shares continue higher as Wall St looks set for gains in opening deals |
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Mon, 16 Apr 2007 12:45
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ZURICH (Thomson Financial) - Share prices continued higher in afternoon trade as Wall St seems set for gains in opening deals, traders said.At 1.05 am, the Swiss Market Index was 57.45 points higher at 9,234.93, while the Swiss Performance Index was up 45 points at 7,410.76.The euro dropped against the Swiss franc to 1.6438 sfr, while the dollar eased to 1.2123.Sentiment is positive as Wall Street looks set to extend Friday's gains in opening deals and following sharp gains in the Nikkei overnight, a trader said.However, trading volumes are light reflecting a dearth of corporate news ahead of the first-quarter earning season, he said.Financial stocks continued to outperform the market with Julius Baer climbing 3.20 sfr or 1.9 pct to 173.70, Credit Suisse rising 1.20 sfr or 1.3 pct to 90.20 and UBS adding 1.05 sfr or 1.4 pct to 75.65.Elsewhere among financials, Swiss Life firmed 6.50 sfr or 2.1 pct to318.75, and Zurich Financial gained 3.50 sfr or 1 pct to 352.50.Major gainers also included Richemont, up 1.55 sfr or 2.2 pct at 73.00 and ABB, last up 0.35 sfr or 1.6 pct at 22.25, still recovering from a weaker spell earlier this year.Among the market's heavyweights, Novartis added 0.70 sfr or 1 pct to 69.00, and Roche gained 1.10 to 224.60 sfr, while Nestle fell 3.75 sfr to 480.00, one of the few underperformers.The Economic Times (India) earlier today reported that Nestle Waters is bidding for Indian brand Himalayan water.Other losers included Nobel Biocare, down 2.00 sfr at 443.75, and Swisscom, off 1 sfr at 443, after Merrill Lynch cut its price target to 500 sfr, from 510.tf.TFN-Europe_newsdesk@thomson.comjmt/gpCOPYRIGHTCopyright AFX News Limited 2007. 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.
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Swiss shares move higher in afternoon trade tracking Wall St futures 