June 9, 2020 / 4:44 AM / a month ago

Swiss stocks - Factors to watch on June 9

ZURICH/BERLIN, June 9 (Reuters) - The Swiss blue-chip SMI was seen opening 0.24% higher at 10,177 points on Tuesday, according to premarket indications from bank Julius Baer.

Here are some of the main factors that may affect Swiss stocks:

CORONAVIRUS

Switzerland's lower house of parliament gave a preliminary green light to contact tracing app SwissCovid, which should roll out this month to help contain the coronavirus pandemic.

New coronavirus cases had their biggest daily increase ever as the pandemic worsens globally and has yet to peak in central America, the World Health Organization said, urging countries to press on with efforts to contains the virus.

Asian stocks rallied for their ninth straight day and oil prices jumped as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery.

NESTLE

The group is selling the North American business of its Buitoni pasta brand to private-equity firm Brynwood Partners, it said.

SWISS RE

The reinsurer would look into possible acquisitions at the end of the year or early 2021 in case there are opportunities, its CEO told bit.ly/37aEnp0 Handelsblatt.

COMPANY STATEMENTS

* Conzzeta said business conditions deteriorated further during the second quarter of the year and it expects for 2020 a mid-double-digit million Swiss franc operating profit with substantially lower net sales compared to the previous year.

* Dufry said it was adapting its organization to the new business environment to accelerate growth and support profitability during the recovery phase of the economic crisis and beyond. It is integrating its headquarters and divisions, simplifying the first management level and reducing its Global Executive Committee to reflect organizational changes.

* Helvetia said it received important approvals for the acquisition of the Spanish insurer Caser that is expected to be completed at the end of June. It expects the financial consequences from COVID-19 to run into the high double-digit millions for the net insurance result before taxes. The net negative impact of COVID-19 on the investment result will be in the low three-digit millions before taxes.

* Leclanche SA said it convened its annual ordinary general meeting on June 30. The Board of Directors proposes the conversion of 50.9 million Swiss francs of debt owed to FEFAM into shares of the company in order to strengthen the balance sheet.

* LumX Group Limited said it reached an agreement with its main shareholders on the conversion of outstanding liabilities owed by the company to such shareholders. At the same time, the group is in discussions with its main shareholder toobtain further financing.

* Pargesa Holding said Parjointco Switzerland and the persons who are deemed to be acting in concert with it hold or have the right to acquire 89.06% of Pargesa's share capital and 93.98% of its voting rights as of June 8.

ANALYSTS' VIEWS

LONZA - Societe Generale initiates with buy rating and chf 600 target price

SUNRISE COMMUNICATIONS - Fitch assigns 'BBB-' IDR; outlook stable

SGS SA: BARCLAYS RAISES TO OVERWEIGHT FROM EQUAL-WEIGHT; RAISES TARGET PRICE TO CHF 2600 FROM CHF 2500

PARTNERS GROUP HOLDING AG: CITIGROUP RAISES PRICE TARGET TO CHF 945.5 FROM CHF 893.3

ECONOMY

The Swiss unemployment rate rose to a non-seasonally adjusted 3.4% in May from a revised 3.3% in the previous month, the State Secretariat for Economic Affairs said on Tuesday.

For more, click on

Reporting by Zurich newsroom and Berlin Speed Desk

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below