Swiss shares slightly higher in morning trade tracking DJIA

Swiss shares slightly higher in morning trade tracking DJIA

	Published : Wed, 17 Jan 2007 10:43 By : Agencies Print this Story

ZURICH (AFX) - Share prices moved slightly higher in morning trade tracking overnight advances by the DJIA, analysts said.

At 10.15 am, the Swiss Market Index was up 20 points at 9,093, and the Swiss Performance Index was 15.14 points higher at 7,186.52.

The euro rose against the Swiss franc to 1.6136 sfr, while the dollar fell to 1.2479 sfr.

'The Swiss bluechip index showed tentative gains in morning trade following slight DJIA gains overnight with upward potential capped by losses in heavyweight Nestle,' a local trader said

He added that trading volumes are expected to remain thin ahead of a busy earnings session tomorrow when Novartis, Logitech, Barry Callebaut, Geberit and Saurer are all due to report financial results.

Amid continuously low oil prices, speciality chemical stocks outperformed the market with Clariant adding 0.25 sfr or 1.3 pct to 20.05 and Ciba climbing 0.75 sfr to 84.55.

Other top gainers included Nobel Biocare, up 5.25 sfr or 1.3 pct at 397.75 and Synthes trading 2.70 sfr of 1.7 pct higher at 163.50.

ABB added 0.25 sfr or 1.1 pct to 22.05, after chief executive Fred Kindle reiterated that the group plans further acquisitions and that he does not expect an imminent downturn in an interview with Swiss biweekly Finanz und Wirtschaft.

Credit Suisse led the banking sector, up 0.40 sfr at 86.20, while UBS climbed 0.10 sfr to 76.70. Smaller rival Julius Baer added 0.10 sfr to 148.30.

Elsewhere among financials, Swiss Re strengthened 0.20 sfr to 104.70, after Baer Stearns raised its price target to 125 sfr from 115 sfr.

Novartis was up 0.20 sfr at 73.50 ahead of its fourth quarter results tomorrow, while peer Roche added 0.40 sfr to 235.10.

Fellow heavyweight Nestle declined 1 sfr to 436.25 as one of the market's few losers, weighing on the index.

The only other decliners were Givaudan, down 10 sfr at 1,133 and Adecco, trading 0.05 sfr lower at 82.55.

Outside the SMI focus was on Straumann, up 12 sfr or 3.9 pct at 317, after Bank Vontoble hiked the group's rating to 'sector outperform' from 'sector perform.'

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