EU bailout plan helps lift European chemicals stocks

10 May 2010 17:27  [Source: ICIS news]

LONDON (ICIS news)--European chemical companies made significant gains on Monday but failed to match a sharp rebound in European blue-chip stocks after the EU approved a close to €750bn ($960bn) fund to support heavily indebted eurozone countries.

The bailout package was aimed at addressing the EU financial crisis triggered by Greece’s debt problems. The euro had been declining at an alarming rate amid concerns that the contagion could spread.

On Monday at around 15.00 GMT Europe’s blue-chip index Eurostox had risen 9% from Friday’s close.

At the same time, the share price of German pharmaceticals and chemicals maker Bayer was up 3.1% at €46.65, while Dutch coatings, paints and specialty chemical company AkzoNobel ticked 3.94% higher to €42.6. German chemicals major BASF performed notably better and climbed 6% to €43.5.

Oil and gas company Shell moved up 3.2% to €21.93, while its peer Total rose nearly double as much by 6.8% to €39.9.

Rhodia soared 13.4% to €16 after it successfully refinanced $500m worth of debt through a bond issue.

($1 = €0.78)

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By: Elaine Mills
+44 208 652 3214

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