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Swiss stocks - Factors to watch on March 30
March 30, 2017 / 4:41 AM / 7 months ago

Swiss stocks - Factors to watch on March 30

ZURICH, March 30 (Reuters) - The Swiss blue-chip SMI was seen opening up 0.11 percent at 8,671 points on Thursday, according to premarket indications by bank Julius Baer .

The following are some of the main factors expected to affect Swiss stocks:

NOVARTIS

The Swiss drugmaker said the U.S. Food and Drug Administration (FDA) agreed to accelerate review of its CTL019 therapy for young patients with B-cell acute lymphoblastic leukemia, helping the company’s oncology program reach another important milestone.

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LONZA

The Swiss pharmaceutical supplier will ask shareholders at next month’s annual general meeting for permission to issue up to 2.3 billion Swiss francs ($2.3 billion) in new shares to finance its acquisition of U.S. capsule maker Capsugel.

The shares were seen opening 1.9 percent down, according to premarket indicators.

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SIKA

The founding family of the Swiss construction chemical maker will ask shareholders to reject the board’s proposal to raise the dividend, intensifying a takeover battle involving France’s Saint-Gobain.

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GAM HOLDING

Activist investor RBR Capital Advisors said on Wednesday that Swiss asset manager GAM Holding should cut 353 back office jobs, a third of its total 1,023 workforce, to help cut costs by 100 million Swiss francs ($100 million) annually.

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COMPANY STATEMENTS

* WISeKey said talks with OpenLimit on possible merger are not being further pursued.

* Evolva said its fully-year net loss widened to 35.8 million Swiss francs, as revenue slipped to 9.6 million francs, from 13.4 million in the year-earlier period.

* Georg Fischer AG said it won a major order in cruise ship sector worth more than 40 million euros ($43.01 million) over five years.

* Roche said the U.S. FDA’s advisory committee recommended approval of subcutaneous Rituxan for certain blood cancers, with a decision due on June 26.

* Kuehne Und Nagel International AG said it had become the global transportation provider for Gruenenthal Group.

* Zurich Insurance shareholders on Wednesday approved expansion of company’s authorisation to increase share capital.

* Norinvest said it expects to have booked a total consolidated income of around 59 million Swiss francs in 2016, for a net result of around 4 million francs, including the extraordinary income item announced on 28 December 2016.

* EFG International said $400 million of Tier 2 Resettable Subordinated Notes due 2027 issued by EFG International (Guernsey) Limited and guaranteed by EFG International AG on a subordinated basis have been placed with investors.

ECONOMY

The KOF indicator measuring expected performance of the Swiss economy is due at 1000 GMT. (Reporting by Zurich newsroom)

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