Credit Suisse, UBS May Be Active: Swiss Equity Preview
The following companies’ shares may be active in Zurich. Stock symbols are in parentheses after company names. Prices are from the last close.
The Swiss Market Index of the biggest and most actively traded companies fell 0.3 percent to 6,519.14 at the 5:30 p.m. close of trading in Zurich, trimming the measure’s weekly advance to 1.2 percent.
Banque Cantonale Vaudoise (BCVN SW): The bank is one of four that helped finance a shipment of wheat from Russia that has disappeared, leading to a loss of more than 100 million Swiss francs ($102 million), Le Matin said, without saying how it got the information. Christian Jacot-Descombes, a spokesman for Banque Cantonale Vaudoise, said the amount wouldn’t affect the bank’s results in a “significant” way, according to the newspaper. Banque Cantonale Vaudoise was unchanged at 489.25 francs.
Misha Nagelmackers-Voinov, a spokeswoman for Banque Cantonale de Geneve (BCGE SW), another bank that helped finance the purchase, said the loss isn’t confirmed and the bank has taken provisions, Le Matin said. The stock rose 1 franc, or 0.5 percent, to 213 francs.
Credit Suisse Group AG (CSGN VX): Switzerland’s second- biggest bank by assets may make acquisitions to expand its private banking operations, Walter Berchtold, head of that unit, told SonntagsZeitung. Andres Luther, a spokesman for the bank, said the newspaper reported his comments correctly. The stock fell 44 centimes, or 1.1 percent, to 38.79 francs.
UBS AG (UBSN VX): Chairman Kaspar Villiger and Chief Executive Officer Oswald Gruebel will stay in their positions at least through 2012, SonntagsZeitung reported, citing a manager of the bank it didn’t identify. Recent management changes at the Swiss bank had prompted speculation that the two managers might be replaced, the newspaper said. The stock fell 1 centime, or 0.1 percent, to 16.15 francs.
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