ZURICH (AFX) - Share prices were moderately higher late morning, tracking other European markets as losses on Wall Street and Asian markets failed to dampen upbeat investor sentiment, dealers said.
At 11.39 am, the SMI was up 19.28 points at 8,021.84. The euro was lower against the franc at 1.5578 sfr, and the SPI was firmer at 1.3122 sfr.
Holcim was top gainer, up 3.3 sfr or 3.32 pct at 102.5, helped by UBS upping its price target to 123 sfr from 107 sfr and reiterating its 'buy' rating ahead of results a week from today.
Next best was ABB, up 0.20 sfr or 1.32 pct at 15.25, helped by news that no objections were filed ahead of a crucial US district court hearing which ABB hopes will put an end to its asbestos woes and complete its turnaround.
A major US broker also said that an 'asbestos-free ABB' would be viewed by some in the market as a takeover candidate. ABB's share price nearly doubled in 2005 and this year is up over 18 pct.
Syngenta was also in demand, adding 3 sfr or 1.58 pct at 192 sfr, after announcing the terms for offering free put options to shareholders. The company will buy back one Syngenta share for every 30 options held, with the strike price 234.00 sfr.
The move is part of plans to return some 800 mln usd to shareholders this year.
Elsewhere among chemicals, Ciba continued to slide, falling 1.05 sfr or 1.27 pct at 81.6, after DrKW downgraded to sell' from 'hold', saying the current valuation does not fully reflect the fundamentals or the structural problems the company may face in 2006 and beyond.
The stock does not look attractive, the broker said, even without the Textile Effects unit -- the sale of which the Swiss group announced earlier this week, albeit at a knock-down price.
Among heavyweights, Novartis was off 0.05 at 71.2, Roche was up 1.1 at 195.5, and Nestle was down 1 sfr at 397 ahead of results tomorrow.
2005 organic sales growth is expected at the upper end of Nestle's 5
6 pct target and its operating margin is expected to have improved around 20 basis points, thanks to currency movements in H2 and despite pressure from high input costs and weak consumer spending in Europe.afx.zurich@afxnews.com scs/cmr COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content,inculding by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited