UpdateEurope chems slide despite market gains

27 October 2008 17:59  [Source: ICIS news]

(Adds closing prices and updates throughout)

 

LONDON (ICIS news)--European chemicals stocks fell sharply on Monday amid fears of a global recession, benefitting little from later market rallies.

 

Europe's fianical markets followed falls in Asia with the UK’s FTSE 100 at one point hitting a five-year low and Japan’s Nikkei 225 index plunging to a 26-year low.

 

The UK market rallied during the day, however, with the FTSE 100 index down 0.79% at the close. Germany's DAX index was down 0.22% and Paris's CAC index down 3.96%.

 

Chemicals stocks fared badly throughout the day, nevertheless, with the The Dow Jones Eurostoxx chemicals index down 6.73%.

 

Leading chemicals shares lost ground with BASF down 9.96% at €20.15 ($25.19), Bayer falling 8.71% to €37.84 and Arkema 7.54% lower at €15.94.

 

DSM lost more than 15% of its value as the share price tracked down 15.38% to €21.73. The Netherlands-based life sciences and materials firm revised its full-year forecast down on Monday as it released third-quarter results.

 

Merck KGaA was also down 7.34% to €60.00 after its third quarter was affected by adverse currency movements.

 

($1 = €0.80)

 

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By: Nigel Davis
+44 20 8652 3214

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