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Swiss stocks - Factors to watch on Feb 22
February 22, 2017 / 5:58 AM / 7 months ago

Swiss stocks - Factors to watch on Feb 22

ZURICH, Feb 22 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent higher at 8,576 points on Wednesday, according to premarket indications by bank Julius Baer.

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

ABB

* ABB said it uncovered a criminal scheme related to an embezzlement and misappropriation of funds in its South Korean subsidiary that it expects to have an impact of $100 million on its pre-tax result for 2016. ABB will publish its 2016 annual report latest by March 16.

* The company also nominated Lars Forberg, Managing Partner at Cevian Capital, as a new member to its board of directors. Cevian Capital, ABB’s second-largest shareholder, urged ABB last year to sell its Power Grids unit and criticised its decision to keep the business.

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CREDIT SUISSE

One of the Swiss bank’s largest investors, Harris Associates’ David Herro, urged Credit Suisse to reconsider its plan to sell its Swiss unit in an IPO, in an interview with Swiss financial newspaper Finanz und Wirtschaft.

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BELLEVUE GROUP

Bank am Bellevue Chief Executive Serge Monnerat resigned on Tuesday as the Swiss bank’s parent company announced the closure of the unit’s brokerage and corporate finance activities on grounds that a revenue erosion was irreversible.

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COMPANY STATEMENTS

* Leclanche reported revenue 2016 revenue of 28 million Swiss francs, an increased ofapproximately 56 percent for 2016 compared to 2015.

* Mobimo Holding said it issued a 225 million Swiss franc, nine-year bond with a coupon of 0.75 percent and that the Swiss real estate developer would use the proceeds to pay off short term debt and to finance projects from its pipeline.

ECONOMY

Swiss investor sentiment is due at 0900 GMT (Reporting by Zurich newsroom)

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