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Swiss stocks - Factors to watch on May 26
May 26, 2017 / 5:06 AM / 4 months ago

Swiss stocks - Factors to watch on May 26

ZURICH, May 26 (Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent lower at 9,026 points on Friday after initially being indicated slightly higher, according to premarket indications by bank Julius Baer.

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

CREDIT SUISSE

The Swiss bank has hired Mike Di Iorio from Barclays BARC.L as head of equities for Europe, the Middle East and Africa (EMEA), as it seeks to beef up the business with new hires, according to a memo seen by Reuters.

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SYNGENTA

China National Chemical Corporation (ChemChina) announced the provisional end results for its offer to acquire Syngenta. Based on preliminary numbers, at the end of the Additional Acceptance Period on May 24, around 92.2 percent of shares have been tendered, the company said.

ChemChina has raised $20 billion mainly in perpetual bonds to finance its purchase of Swiss seeds firm Syngenta, with Bank of China becoming the single largest investor providing half of that funding, according to a regulatory filing.

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UBS

U.S. bank Citi held on to top spot in the foreign exchange industry’s main annual ranking of traders by volume on Wednesday despite losing around 2 percent in market share, results showed. JP Morgan was again placed second in overall market share, followed by Swiss bank UBS in third. Deutsche Bank fell to fifth, while Bank of America Merrill Lynch climbed to fourth.

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COMPANY STATEMENTS

* Interim Swiss Life Chief Executive Thomas Buess told Bilanz Magazine CEO Patrick Frost will be back at work by the middle of August following a sabbatical to undergo treatment for cancer.

* Von Roll Holding AG said it is selling Von Roll Austral, one of its four U.S. locations. Von Roll Austral in Douglasville employs around 40 employees, the company said.

* Valiant Holding said it had achieved a stake of 89.8 percent in Triba.

* ARYZTA announced the addition of James Leighton to its board as an independent non-executive director, subject to approval by shareholders.

* DKSH said Andrew Frye, since 2011 with DKSH and since 2015 Head of Business Unit Healthcare, has decided to take on a senior position at a healthcare client company, with Bijay Singh named as his successor as of July 1.

ECONOMY

Reporting by Zurich newsroom

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