07 October 2008 10:26 [Source: ICIS news]
By Hilde Ovrebekk
LONDON (ICIS news)--Stocks in European chemicals companies began to recover on Tuesday after making heavy losses on Monday as the markets fell sharply.
Wacker Chemie’s share price, which plunged 19.23% to €79.56 on Monday, was up 4.51% at 08:07 GMT on the Xetra exchange at €83.15.
At the same time, Rhodia’s stock was up 3.10% at €9.30 after falling 11.55%, while Lanxess shares recovered by only 0.61% to €16.50 after a 10.04% drop the previous day.
The Dow Jones Eurostoxx index was up 1.10% at 08:03 GMT, with shares in chemicals majors BASF and Bayer up 0.85% and 1.99%, respectively.
The FTSE 100 index of UK-listed companies, which tumbled 7.9% on Monday to a four-year low, climbed 100 points in early trading in London before falling back to 4,607.46 at 08:03 GMT, only 0.40% up on the previous close.
Shares in oil major BP was 1.11% up at 434.50 pence, while oil and chemicals firm Shell’s shares were 1.49% higher at 1,501 pence.
Johnson Matthey’s stock fell 0.17% to 1,172 pence.
The British Chambers of Commerce (BCC) warned on Tuesday that ?xml:namespace>
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EU finance ministers were set to meet for talks in
The Bank of England meets on Thursday to make its next decision on interest rates while G7 finance ministers and central bankers will meet on Friday in
Asian stocks trimmed their losses in early afternoon trade on Tuesday after an initial plunge in tandem with US markets’ tumble overnight as global recession fears continued to rattle investor confidence.
The US Dow Jones fell below 10,000 points for the first time in four years on Monday.
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