Europe chemical stocks rise on hopes for eurozone debt solution

26 September 2011 17:51  [Source: ICIS news]

LONDON (ICIS)--European chemical stocks rose on Monday and bank shares in Germany and France rallied as investors reacted positively to the latest attempts by international leaders to deal with the eurozone debt crisis.

French bank BNP Paribas ended the day 3.99% up, while Societe Generale and Credit Agricole closed 5.44% and 3.66% higher, respectively. Germany's banks also closed higher than the previous close, with Deutsche Bank up by 8.65% and Commerzbank rising by 7.76%.

The Dow Jones Euro Stoxx Chemicals index was up by 2.03% at the close, as shares in many of Europe’s major chemical companies rose.

Many top European producers saw gains – petrochemical major BASF’s shares had risen by 2.55%, while Germany-based Bayer rose by 4.26% and Dutch coatings firm AkzoNobel was up by 3.64%.

Belgium’s Solvay had risen by 2.82% and France-based industrial gases company Air Liquide was up by 1.08%, while Germany’s Linde was up by 1.18% and Swiss specialties maker Clariant was trading up by 2.73%.

Europe's markets ended the day in positive territory, with the UK's FTSE 100 rising slightly by 0.45% at closing. Germany’s DAX was up by 2.87% and the CAC 40 in France had increased by 1.71%.


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



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