05 August 2011 11:55 [Source: ICIS news]
LONDON (ICIS)--Major chemical companies’ stock prices declined in Europe on Friday as commodity values tumbled in early trading and sell-offs continued worldwide on fears over economic growth and stability in the ?xml:namespace>
German majors BASF and Bayer were among the biggest losers in early trading, shedding 3.5% and 2% to trade at €54.63 ($76.94) and €49 per share respectively on the German bourse, the DAX. The DAX was down by 2.6% overall in early trading, while European chemical companies lost 1.74% of their value on Friday on average.
The falling stock prices came as traders sold off shares after becoming increasingly nervous over the stability of the global economy. Despite a deal brokered in the
In Europe, a bailout of
Falling values have not been limited to stock markets. On Thursday, Brent crude oil contracts for September settled at $107.25/bbl, down $5.98/bbl from the previous session. September WTI contracts finished the day down by $5.30/bbl. Both front-month Brent and WTI lost over 8% in value on Thursday’s close compared to Monday.
In chemical markets, traders reported that nominal values had dropped but that little business was being done as buyers and sellers waited to see if energy values would fall further or return to recent highs. European benzene values, which often move in line with crude markets, slumped towards the end of the week, with lower offers not met by any firm corresponding bids. Brokers quoted a price of around $1,235/tonne CIF (cost, insurance & freight) ARA (
Earlier on Friday, spot prices for petrochemicals fell in
($1 = €0.71)
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