Europe chems shares recover some losses

28 October 2008 15:42  [Source: ICIS news]

LONDON (ICIS news)--European chemicals stocks regained some ground on Tuesday after global markets rallied following recent heavy losses.

The UK’s FTSE 100 was up 2.09% at 14:38 GMT after hitting a five-year low on Monday. Germany’s DAX index was up 6.99%, while France’s CAC 40 index bucked the trend with a 0.16% fall.

The Dow Jones Eurostoxx chemicals index was 2.84% higher than the previous close, after dropping 6.73% on Monday.

Leading chemicals shares recovered some of their losses, with BASF up 5.81% at €21.49, Bayer up 3.17% to €39.04 and Arkema 2.26% higher at €16.46.

German Wacker Chemie’s shares jumped 8.03% to €67.23.

However, Netherlands-based DSM, which lost more than 15% of its value on Monday after it revised its full-year forecast down, continued to fall and was 3.11% lower at €21.06.  

US stock markets also rose in early trade on Tuesday, following gains in European and Asian markets. The Dow Jones index rose 2.5% to 8378.39, while the S&P 500 climbed or 2.5%, to 874.95.

Japan's Nikkei index fell below the 7,000 at one point before recovering to close up 6.4%.

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By: Hilde Ovrebekk
+44 20 8652 3214

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