Chems, US stock markets soar as central banks target crisis

30 November 2011 16:05  [Source: ICIS news]

HOUSTON (ICIS)--Stocks in North American chemical companies soared on Wednesday as the Dow Jones Industrial Average gained 426.67, following news that several central banks will work together to increase the availability of US dollars to foreign countries.

The programme will make it cheaper for foreign banks to borrow US dollars.

The Dow Jones Industrial Average was trading at 11,982.30 as of 10:45 hours New York time (15:45 GMT), up  3.69%. North American chemical stocks performed better, with the Dow Jones US Chemicals Index rising 5%.

Among the companies followed by ICIS, US butadiene (BD) producer TPC Group rose the most, gaining 17%.

Other chemical producers rising by more than 8% included carbon black producer Cabot, catalyst and flame-retardant producer Albemarle, metal-chemicals producer Quaker Chemical, acetyls producer Celanese, water-chemicals producer Ashland and polyvinyl chloride (PVC) producer Georgia Gulf.

US fertilizer producer CF Industries was the only loser, falling by 1%.

Among the majors, Dow Chemical rose by nearly 7% and DuPont increased by 5%.

Canadian fertilizer producer PotashCorp rose 3% and US industrial gasses producer Praxair gained nearly 4%.

By: Al Greenwood
+1 713 525 2645

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