08 May 2012 17:09 [Source: ICIS news]
LONDON (ICIS)--European chemical stocks fell on Tuesday, in line with financial markets, amid fresh concerns over the eurozone debt crisis following elections in ?xml:namespace>
At closing, the
In France, Francois Hollande, who has pledged for fewer austerity measures, defeated President Nicolas Sarkozy on Sunday, which in turn led the euro to weaken to a three-month low on Monday.
The new socialist leader has promised supporters that his government will renegotiate its fiscal pact with
Meanwhile, Greek voters voiced their displeasure over the severity of the austerity measures by flocking to anti-bailout political parties, leaving the two biggest parties short of the clear majority needed to govern the country.
The inability of
Unless the country can form a coalition government and continue on its path of austerity, it will not receive its next tranche of bailout funds which will force
With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 1.80%, as shares in many of
Petrochemical major BASF’s shares had fallen by 2.81 %, while fellow Germany-based chemical company Bayer’s shares were trading down by 1.80%.
Shares in Germany-based fertilizer producer K+S and chemical firm Wacker Chemie were trading down by 1.47% and 1.99% respectively, while France-based Arkema’s shares were trading down by 4.10% from the previous close.
However, one company bucking the downward trend was
Additional reporting by Nurluqman Suratman and Kawai Wong
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