European chemical stocks stabilise, markets close flat

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.

The UK’s FTSE 100 closed 0.50% up, Germany’s DAX had risen by 0.63% and the CAC 40 in France was up 0.76%.

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 Europe’s major chemical companies falling from the previous close.

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%.

Belgium’s Solvay had fallen by 0.78%, while Germany’s Linde was down steeply by 3.72%. Swiss specialties maker Clariant was trading down sharply by 7.28% and France’s Air Liquide was down 0.62%.

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.

Asia’s stock markets reacted on Friday to the US Dow Jones Industrial Average closing 3.51% down on Thursday. South Korea’s Seoul composite index ended Friday down by 5.73%, while Hong Kong’s Hang Seng index fell by 1.36%.

By: Franco Capaldo
+44 (0)20 8652 3214

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