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This content was published on July 7th, 2011 - 12:50 PM

Zurich (awp) - The Swiss stock market traded on Thursday around noon and was able to shake off the intermittent weak phase from the morning. Apparently the good guidelines from the USA had supported and the euro crisis had receded somewhat into the background, according to retailers. The interest rate hike in China from the previous day is apparently no longer as significant.
In the further course, the interest rate decision of the ECB and the ADP data from the US private sector should give new impetus this afternoon. The latter provide signals for the US labor market data on Friday. How Wall Street starts today remains to be seen. A friendly opening is currently emerging.
At 12:10 p.m. the Swiss Market Index (SMI) was 0.53% higher at 6,212.23 points. The capped Swiss Leader Index (SLI), comprising 30 stocks, gained 0.48% to 966.62 points, while the broad Swiss Performance Index (SPI) rose by 0.50% to 5,710.03 points.
The news situation is still clear. Transocean have partially recovered (-0.2%). The oil drilling company is affected by an incident on an oil rig off Ghana. The company evacuated 108 workers after water flowed into the facility, it said. According to the company, no one was injured and there was initially no sign of oil leaking. The stock had come under pressure in US trading the evening before.
Even if, according to the current state of knowledge, the financial effects are likely to be limited, Transocean will increasingly make negative headlines again because of any neglected security or other errors, writes the ZKB in a comment. In addition to the damage to its reputation, the company could also be confronted with additional security requirements or controls in the future.
The big banks UBS (-0.1%) and CS (+ 0.2%) are also doing better than in the morning. The stocks had reacted to the fact that various analysts had revised their profit forecasts and price targets downwards. Citigroup referred to the continued strength of the Swiss franc and increased concerns about European national debt. Julius Baer is 1.2% stronger.
Kuehne + Nagel (-0.7% to 123.10 CHF) lost the most. Kepler has lowered the price target for the logistics company's shares to 143 from 150 CHF. The analysts justify their adjustment with the recent weakness in global trade and the strong Swiss franc. In a study, Commerzbank also expects increasing headwinds from currency effects for the company.
From among the insurance companies, Swiss Re (+ 0.9%) has taken out insurance coverage of USD 250 million with the Asian Development Bank (ADB) as part of a trade finance program. With this deal, Swiss Re Corporate Solutions is insuring a trading program for a multilateral development bank for the first time.
The defensive heavyweights Roche (+0.3), Nestlé (+ 0.3%) and Novartis (+ 0.9%) are doing well. In an analysis by Citigroup, Roche are seen as the loser of the latest currency developments, according to the market. Novartis, on the other hand, are less affected because the weaker dollar and yen would neutralize parts of the franc's decline, it says there.
Actelion (+ 2.2%), Swiss Life (+ 1.7%) and ABB (+ 1.7%) posted the biggest gains among the blue chips.
In the broad market, Addex (shares not traded) is forced to restructure. The pharmaceutical company wants to save around CHF 8 million annually and thus secure the financing until the end of 2013. The measures are associated with a reduction of around 25% of the workforce, it said.
The colorimetry manufacturer Datacolor (not traded) is tightening the organization and the copper products manufacturer Swissmetal (share -2.3%), which is in financial difficulties, continues to negotiate with the banks.
cc / rt

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