ZURICH (Thomson Financial) - Swiss shares were little changed in midday
trade with a lack of corporate news to spark trading activity in Switzerland as
investors await a raft of bluechip earning results Tuesday.
At 12.00 p.m., the Swiss Market Index was 4.86 points down at 7,660.94,
while the Swiss Performance Index eased 2.83 points to 6,413.47.
The euro dropped against the Swiss franc to 1.6295 francs, while the dollar
fell to 1.0533 francs.
"The SMI saw little movement with investors taking a breather ahead of
tomorrow's busy news day with results from UBS, Swiss Life, Swiss Re, Adecco and
Holcim on schedule," a Zurich-based trader said.
Top gainer was Adecco, up 0.10 Swiss francs to 63.50, ahead of its first
quarter results which are expected to be negatively hit by currency effects.
Swiss Life also outperformed, up 0.25 Swiss francs at 318.00, ahead of
reporting first quarter results for the first time tomorrow, while Swiss Re
eased 0.20 Swiss francs to 87.65 on insecurities surrounding potential further
writedowns at the reinsurance group.
Banks were up, with UBS adding 0.46 Swiss francs 37.26 as the banking group
already issued a profit warning along with an expected first quarter net loss of
12 billion Swiss francs ahead of tomorrow's results.
Credit Suisse climbed 0.35 Swiss francs to 58.85, while Julius Baer rose
0.35 Swiss francs to 80.70.
Among the market's heavyweights, Nestle inched 0.50 Swiss francs higher to
501.00.
Novartis eased 0.45 Swiss francs to 53.80. whole Roche dropped 1.20 Swiss
francs to 172.80
Other key decliners included Baloise, down 3.80 Swiss francs or 3.2 percent
at 113.20 and Swisscom, down 4.00 Swiss francs or 1.1 percent at 372.75 ahead of
reporting first quarter results on Wednesday.
johanna.treeck@thomsonreuters.com
at/kf1/jmt/ejb
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