Swiss shares lower in afternoon trade tracking Wall St futures, Roche up

Swiss shares lower in afternoon trade tracking Wall St futures, Roche up

	Published : Thu, 19 Apr 2007 13:42 By : Agencies Print this Story

ZURICH (Thomson Financial) - Share prices continued lower in afternoon trade in-line with other European markets as Wall Street seems set for losses in opening deals, traders said.

At 14.05 am, the Swiss Market Index was 45.7 points lower at 9,232.83, and the Swiss Performance Index was down 19.28 points at 7,427.28.

The euro dropped against the Swiss franc to 1.6344 sfr, while the US dollar eased to 1.2025 sfr.

'The SMI continued lower in afternoon trade as Wall Street futures weigh. However, the index was off earlier lows as heavyweight Roche extended earlier gains and Novartis moved into green territory,' a local trader said.

Focus today was on Lonza, up 1.20 sfr or 1 pct at 118.50, as the market's best performer, on news the life science group has enjoyed a positive start to 2007 and on the confirmation of its guidance.

Heavyweight Roche also outperformed, up 2.30 sfr or 1 pct at 231.40, as it filed a marketing authorisation application with the European Medicines Evaluation Agency for the use of Avastin, the cell cancer treatment drug.

The stock also continues to benefit from yesterday's strong first quarter sales figures, dealers said.

Peer Novartis was the only other stock in the plus, reversing earlier losses, up 0.45 sfr at 68.90.

Earlier Novartis said it had expanded its late-stage oncology pipeline through an exclusive licensing agreement with Antisoma PLC for the worldwide rights to AS1404, making an upfront payment of 75 mln usd.

Fellow heavyweight, Nestle fell by 2.50 sfr to 480.50.

This afternoon's sharpest faller was Synthes, dropping 3.60 sfr or 2.3 pct to 155.30, with the Swiss medical device maker's first quarter sales falling shy of the consensus and Synthes also failing to provide an update on its margin developments, dealers said.

Synthes earlier reported a 14.2 pct rise in first quarter sales to 658.0 mln usd, up from 576.4 mln usd a year earlier, compared to a consensus forecast of 663.4 mln.

Second sharpest decliner was UBS, down 1.60 sfr or 2.1 pct at 75.05 with the Swiss bank going ex-dividend, while peer Credit Suisse declined by 0.40 sfr to 89.60.

Top decliners also included SGS down 30 sfr or 1.9 pct at 1,552 and Swiss Life shedding 5.00 sfr or 1.6 to 312.25.

Outside the SMI, focus was on Logitech, descending 2.90 sfr or 8.5 pct to 31.30, after the Swiss computer peripherals maker reported weaker-than-expected full-year net profit and sales, analysts said.

Meanwhile, Actelion eased 15.75 sfr or 5.2 pct to 288.25, in reaction to the biotech firm's bigger-than-anticipated first quarter loss amid higher R & D spending and slightly lower revenues.

johanna.treeck@thomson.com

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