13 October 2008 15:51 [Source: ICIS news]
(Releads and updates throughout)
LONDON (ICIS news)--European chemicals stocks continued to rise on Monday after the region's leaders agreed on a rescue plan to tackle the banking crisis.
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The Dow Jones Eurostoxx Chemicals index had climbed 5.85% by 13:30 GMT, recovering marginally from a huge downturn over the last week.
Several companies’ stocks surged by over 10%, including Rhodia, Lanxess, Wacker Chemie and fertilizer producer Yara.
Meanwhile the British government announced its plan to inject up to £37bn ($63bn/€46bn) of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS, giving UK taxpayers a large share of the country’s major banks.
Asian petrochemical stocks also rebounded following weeks of heavy sell-down as investors cheered the measures of the industrialised economies to unfreeze the credit markets.
($1 = €0.74, $1 = £0.58)
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