For a wide class of weights we find the approximative point spectrum and th
e essential spectrum of the pointwise multiplication operator M-phi, M-phi(
f) = phi f, on the weighted Banach spaces of analytic functions on the disc
with the sup-norm. Thus we characterize when M-phi is Fredholm or is an in
to isomorphism. We also study cyclic phenomena for the adjoint map M'(phi).