24 January 2012 15:21 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks were down on Tuesday, in line with financial markets, amid concerns that plans to solve the Greek debt crisis could fail.
Negotiations between eurozone finance ministers and private creditors to help restructure ?xml:namespace>
At 14:47 GMT, the
If a deal is not reached,
“Volatility in the markets will continue as long as a deal to reform Greek debt is not struck. Ministers have to come together and support the eurozone’s long-term rescue plan,” said John Douthwaite, CEO of online share dealing service SimplyStockbroking.
“As fears of Greek default remain, sharp falls across the European markets will continue. This year the main priority should be to concentrate on rectifying problems caused in the past,” he added.
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 0.79%, as shares in many of
Germany-based petrochemical major BASF’s shares had fallen by 0.64%, shares in French chemicals producer Arkema were trading 3.95% lower, while Dutch coatings firm AkzoNobel was down by 0.62%.
Shares in UK-based Johnson Matthey had dropped by 2.03%, chemical company Bayer's shares were trading down by 0.49%, and fellow Germany-based LANXESS was down by 2.86%.
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