Swiss shares little changed in thin morning trade on dearth of news |
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Fri, 23 Feb 2007 10:29
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ZURICH (AFX) - Share prices were little changed in thin morning trade reflecting a dearth of corporate news, with winners and losers evenly spread, dealers said.At 10.10 am, the Swiss Market Index was 7.79 points higher at 9,259.59, and the Swiss Performance Index up 3.76 points at 73,49.65.The euro was slightly higher at 1.6257 sfr, as was the dollar, last trading at 1.2388 sfr.Overnight falls on Wall Street failed to impact as buying sentiment remains fundamentally intact in the wake of recent positive corporate earnings, a trader said.However, trading volumes are unlikely to pick up ahead of the weekend, he added.Pharmaceuticals heavyweight Novartis was up 0.30 at 71.90 sfr.But gains were offset by a continuing weakness in rival Roche, down 1 sfr at 223.30, on worries about the sales potential of cancer drug Avastin following study results which indicate that a smaller cheaper dose of the drug may work just as effectively.Nestle was flat at 477.50 sfr, with investors digesting yesterday's sharp gains in the wake of the food group's better-than-forecast full year results.Insurers were in demand, with Zurich Financial up 3 sfr at 366.75, Swiss Re up 0.50 at 106 sfr, and Swiss Life up 1 at 330.50 sfr.But banks were lower, with UBS declining 0.20 sfr to 76, and Credit Suisse shedding 0.50 to 91.65 sfr.Swisscom was the market's biggest decliner, down 3.25 sfr at 465.50, still reeling from last week's record fine of 333 mln sfr, imposed by the Swiss telecoms watchdog for the former monopoly's excessive termination charges.afx.zurich@afxnews.comat/jlwCOPYRIGHTCopyright 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.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Swiss shares higher flat in thin morning trade, waiting for Wall Street 