ZURICH (AFX) - Shares were little moved in quiet afternoon trade reflecting a dearth of market-moving news, although SIG was in demand as the packaging group invited fresh bids after rejecting a joint-CVC/Elopak offer earlier today, dealers said.
At 3.47 pm, the Swiss Market Index was down 1.27 points at 8,293.21 and SPI up 3.06 points at 6,467.56
The euro eased against the Swiss franc to 1.5789, as did the dollar, to 1.2349 sfr.
Buying interest has somewhat run out of steam given the current lack of market-moving news, a trader here said.
Sentiment remains broadly positive, however, underpinned by continuing M&A speculation, with SIG the latest takeover target, and Wall Street's positive start, another trader noted.
Insurers were among the market's best performers, with Baloise up 1.5 pct or 1.70 at 112.90 sfr, and Zurich Financial gaining 2.50 to 294.75 sfr.
Chemicals were also in demand, with Ciba up 0.85 at 74.20 sfr, still benefiting from takeover speculations, while Clariant rose 0.05 to 16.50 sfr.
The focus was on SIG, which added 39 sfr or 12.8 pct to 344.25, after the Swiss packaging group rejected a 325-350 sfr per share takeover offer from Norway's Elopak and investment group CVC Capital Partners as too low, and invited alternative bids, dealers said.
The stock's development in the coming days will largely depend on what, if any, alternative offers arrive, dealers noted.
Top gainers also included healthcare stocks, with Synthes last up 1 sfr at 135 and Nobel Biocare up 1.75 at 300.75 sfr.
Among banks, UBS eased 0.05 sfr to 72.90, and Credit Suisse dipped 0.35 to 72.75 sfr.
Heavyweight Roche dipped 0.30 to 213.80 sfr, while Novartis dropped 0.10 to 71.90 sfr.
Nestle shed 0.75 sfr to 430. afx.zurich@afxnews.com jmt/nes/at/jsa COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including 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
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