Europe chemical stocks lifted on eurozone debt hopes

27 September 2011 10:59  [Source: ICIS news]

LONDON (ICIS)--Stocks in the European chemical sector were lifted by a rally in the global markets on Tuesday on hopes that the International Monetary Fund (IMF) and eurozone leaders will agree on a rescue package for the region’s debt crisis.

The IMF is working on measures to rescue the eurozone and deal with Greece’s spiralling debts.

At 09:00 GMT, the UK’s FTSE 100 had risen by 2.20% from the previous close, while the CAC 40 in France was up by 3.06%. Germany’s DAX was up by 3.29%.

The Dow Jones Euro Stoxx Chemicals index at 09:09 GMT was trading up by 2.08%, as shares in many of Europe’s major chemical companies rose.

Top European producers saw gains – Germany-based petrochemical major BASF’s shares had risen 2.08%, while Dutch coatings firm AkzoNobel was up 3.64%. Belgium’s Solvay had increased by 2.35%, while Germany’s Linde was up 1.55%. Swiss specialties maker Clariant was trading up by 2.46%.

European share prices tracked gains in Asia and the US. On Tuesday, the Nikkei 225 stock market in Japan was up by 2.82% at closing, while Hong Kong’s Hang Seng exchange ended the day up by 4.15%.

North American chemical stocks rose on Monday as the Dow Jones Industrial average increased by 272 points. The index closed at 11,043.86, up 2.53%.

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

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