Europe chem stocks rise on ECB three-year loans offer to banks

21 December 2011 11:58  [Source: ICIS news]

LONDON (ICIS)--European chemical stocks rose on Wednesday, in line with global markets, as the European Central Bank (ECB) announced it would offer three-year loans to banks to help the eurozone debt crisis.

On Wednesday, the ECB offered low-cost, three-year funds to banks for the first time, in an attempt to improve investor confidence in the eurozone.

At 10:25 London time, the UK’s FTSE 100 index was trading 0.54% up on the previous day’s close. Germany’s DAX had risen 0.98%, and the French CAC 40 was up by 1.18%.

At the same time, the Dow Jones Euro Stoxx Chemicals index was trading up by 1.24%, as shares in many of Europe’s major chemical companies rose.

BASF’s shares had risen by 1.10%, while fellow Germany-based Bayer had increased by 1.55%.

Swiss specialty chemicals maker Clariant was trading up by 1.85%, while German specialty chemicals producer LANXESS had risen 2.27%.

By: Leigh Stringer
+44 208 652 3214

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