May 22, 2017 / 4:40 AM / 2 months ago

Swiss stocks - Factors to watch on May 22

4 Min Read

ZURICH, May 22 (Reuters) - The Swiss blue-chip SMI was seen opening 0.2 percent higher at 9,044 points on Monday, according to premarket indications by bank Julius Baer .

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

Clariant Huntsman

U.S.-based Huntsman Corp and Switzerland's Clariant AG said they are combining to create a chemical manufacturer with a market value of more than $14 billion.

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Lafargeholcim

The company said it hired Sika boss Jan Jenisch to take over as chief executive at the Swiss-French building materials giant, whose previous CEO quit after the company made payments to extremist groups in Syria. Paul Schuler, currently Sika's regional manager Europe Middle East Africa, will replace Jenisch at Sika.

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Julius Baer

The Swiss private bank Julius Baer said its assets under management rose 6 percent in the first four months of the year to 356 billion Swiss francs.

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Abb

The Swiss power grids maker said it has proposed KPMG as its external auditor from 2018. Ernst & Young has been ABB's external auditor since 2001. The move, which comes after ABB was hit by a $100 million fraud case in South Korea, is subject to shareholder approval.

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Utilities

Swiss voters backed the government's plan to provide billions of dollars in subsidies for renewable energy, ban new nuclear plants and help bail out struggling utilities.

Banks

Herbert Scheidt, head of Swiss Bankers Association, in interview with NZZ am Sonntag paper raises doubts about the security of bank data to be shared with tax authorities in other countries

Credit Suisse

The bank will issue nearly 72.9 million new shares as a result of the scrip dividend elections for 2016, representing 3.5 percent of its current share capital. The issue price of the new shares is 13.17 Swiss francs. As a result of the scrip dividend elections, the total number of new shares to be issued in a move approved by an extraordinary general meeting last week will be 393,232,572.

The bank has retroactively cut long-term bonus payments for between 100 and 200 staff responsible for large trading losses or expensive legal cases, Swiss paper SonntagsZeitung reported, citing an unnamed source

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Company Statements

* Temenos Group Ag Sees full-year 2017 total non-IFRS revenue of $682 million to $704 million, up from previous guidance of $667 million to $689 million.

* VAT GROUP said six members of management shareholders, including CEO and CFO of VAT, intend to place up to 164,968 registered shares via an accelerated book-building.

* Swiss Life said it set aside additional technical reserves in 2016 amounting to 430 million Swiss francs and that at the end of 2016, over 650 000 insured persons opted for Swiss Life in the second pillar.

* Actelion provided an update on the progress being made to bring Idorsia Ltd to the SIX Swiss Exchange. Following the successful tender offer by Johnson & Johnson for Actelion, the approval of the Actelion shareholders to demerge the drug discovery and early clinical pipeline business, and progress with the anti-trust regulatory approvals, the transaction is on track to complete by the end of the second quarter of 2017, the company said.

* Flughafen Zuerich said it was awarded a new concession to operate and expand the international airport Diego Aracena in the city of Iquique, in northern Chile.

Economy

Reporting by Zurich newsroom

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