UpdateEurope chem stocks drop after early gains

01 October 2008 17:47  [Source: ICIS news]

LONDON (ICIS news)--European chemicals stocks saw a general downturn approaching close on Wednesday, cancelling out gains made in early trading.

 

By 3:45 GMT, the Dow Jones Eurostoxx Chemicals index had dropped about seventh tenths of a point, continuing the downward trend since stockmarkets crashed on Monday.

 

BASF stocks remained stable throughout the day after a 0.18% drop in early trading at €33.69.

 

Other major players managed to reverse the trend however. Bayer shares were up 1.15% on Tuesday’s close at €52.40, dropping slightly from early trading, while Akzo Nobel stocks rose 1.32% to €34.06.

 

London’s FTSE 100 index increased by 1.17% in value, but fell way short of recovering from Monday’s collapse, while Germany’s Dax index was down 0.42% on Tuesday’s close.

 

European stocks are undergoing their most volatile week in years as investors remain fixed on the US government proposal to bail out the beleaguered US financial system.

 

($1 = €0.71)

 

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By: Mark Watts
+44 20 8652 3214

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