The Swiss stock market was flat at mid-day, unable to sustain yesterday's momentum in the wake of Greece's austerity measures.
The Swiss Market Index (SMI) is higher by 0.11 percent at 6,108. The Swiss Leader Index (SLI) advanced by 0.29 percent to 952.33 and the broad Swiss Performance Index (SPI) of 0.23 percent to 5,617.
Roche is down 1.1 percent after U.S. Food and Drug Administration advisory panels decision to recommend that the regulatory body withdraw its approval of Avastin in combination with paclitaxel chemotherapy for treating metastatic breast cancer.
Lonza is the big gainer on the main index, rising 4 percent. The chemical company expects a negative currency impact of CHF 60-70 million, not as bad as feared.
Financial stocks also continue to benefit from the relaxation of the Greek crisis. Swiss Life Insurance was up 2.3 percent, ZFS and Swiss Re were up 1.4 percent each. Credit Suisse is up fractionally reports that it will cut 600 jobs in its investment bank.
Novartis reported positive results of a Phase III trial (GLOW2) at NVA237 for the lung disease COPD. The results of this study would indicate that regulatory approval may be sought by the end of 2011. Still, shares were down 0.11 percent.
Kuehne + Nagel gained 2.1 percent to lead cyclicals, while ABB and Adecco are priced in the vicinity of the yesterday's closing price.
Barry Callebaut is down 0.2 percent. The chocolate producer has increased its sales volume in the first nine months of 2011 (as of end May) by 7.3 percent, which met analysts' expectations almost exactly. After an initial increase, the stock fell back, however.
For comments and feedback: editorial@rttnews.com