Chems rise as US Dow Jones Industrial Average soars 2.37%

06 June 2012 21:48  [Source: ICIS news]

HOUSTON (ICIS)--Chemical stocks rose mostly in step with the Dow Jones Industrial Average, which increased by 2.37% on Wednesday.

The index closed at 12,414.79, up 286.84 points.

Chemical stocks rose mostly in line with the average, as the Dow Jones US Chemicals Index gained 2.50%.

Nearly every Americas company followed by ICIS rose.

The biggest winner was US based compounder Spartech, which rose nearly 10% to close at $4.13.

Companies rising by more than 5% include Canada-based methanol producer Methanex, US-based propylene producer PetroLogistics, US-based refiner Phillips 66 and US-based specialty chemicals producer Ferro.

US-based compounder A Schulman fell the most, dropping by 6%. Brazil-based Braskem was the only other company that fell, with its US-listed stock dropping by nearly 2%.

Among the majors, US-based DuPont and Dow Chemical each rose by nearly 3%.

US-based Air Products rose by more than 1% and Eastman Chemical increased by almost 4%. Canada-based PotashCorp gained more than 2%.

The rise in the Dow Jones came less than a week after it posted its biggest loss for the year, falling 2.2%.

The rise in the stock market came amid speculation that policy makers around the world will act to boost the economy, Bloomberg reported.

By: Al Greenwood
+1 713 525 2645

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