European chem stocks open higher on Greece referendum turnaround

04 November 2011 11:07  [Source: ICIS news]

LONDON (ICIS)--European chemical stocks opened slightly higher on Friday with global markets remaining stable, following a volatile week of trading, on news that Greece is likely to cancel its plans for a referendum.

European chemical stocks tumbled on 1 November following a sharp fall in the global markets after Greek prime minister George Papandreou announced the country would hold a referendum on the latest bail-out package to solve its debt crisis.

However, on Thursday, Papandreou appears to have dropped his plans for a referendum after coming under pressure at the G20 summit in Cannes, France. Papandreou now faces a confidence vote in the Greek parliament later on Friday that could lead to the prime minister being ousted.

At 10:13 GMT, the UK’s FTSE 100 had risen by 0.66%, Germany’s DAX was down by 0.14%, and the CAC 40 in France had risen by 0.54%.

At the same time, many European indices were trading higher, the Dow Jones Euro Stoxx Chemicals index up slightly by 0.31%.

Germany-based petrochemical major BASF’s shares had risen 0.28%, while Dutch coatings firm AkzoNobel was up 0.28%. LANXESS was up by 1.98%, while fellow Germany-based chemical company Bayer’s shares had risen 0.78%.

France-based companies Arkema and Air Liquide were up 2.61% and 0.65% respectively.

Crude futures were also trading in positive territory on easing investor concerns over debt in the eurozone. At 10:30 GMT, December NYMEX light sweet crude futures (WTI) were at $94.73/bbl, up by 66 cents/bbl from the previous close. December Brent crude on London’s ICE futures exchange was trading at $112.04/bbl, up by $1.21/bbl from the previous close.

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

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