23 September 2011 17:46 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks stabilised on Friday as global markets were trading flat at closing, having lost gains made earlier in a volatile day of trading.
With European indices finishing higher, the Dow Jones Euro Stoxx Chemicals index at closing was up slightly by 0.37%, despite shares in many of
Many top European producers were hit hard – Germany-based petrochemical major BASF’s shares had dropped 4.63%, while Dutch coatings firm AkzoNobel was down 0.38%.
However, shares in Germany-based chemical company Bayer and France-based Arkema did make some gains from Thursday’s close, with rises of 2.68% and 1.46%, respectively.
Asian petrochemical shares declined on Friday along with product prices, following heavy sell-offs in the equities and commodities markets overnight on heightened concerns that the global economy is heading towards another recession.
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