European chem stocks fall on EU fourth-quarter GDP slump

14 February 2013 15:12  [Source: ICIS news]

LONDON (ICIS)--European chemical stocks fell on Thursday, following the publication of data by EU data organisation Eurostat, showing that the region’s overall GDP shrank by 0.5% in the fourth quarter of the year compared with the previous three months.

Eurozone GDP fell by 0.6% during the same period, its third consecutive quarter of contraction. EU GDP was down by 0.9% year on year, while eurozone GDP was down by 0.6% compared with the same period in 2011, according to Eurostat.

As of 14:21 GMT on Thursday, the Dow Jones Euro Stoxx Chemicals index was down by 0.74%, with all but five of the bourse’s 24 constituent companies noting a decline in share price.

The FTSE 100 index was also down by 0.70%, while the CAC 40 in France fell by 0.65% and Germany's DAX index fell by 1.11%.

Eurostat data reveals that the German economy, one of the key engines of EU growth, contracted by 0.6% quarter on quarter during the final three months of 2012. French GDP shrank by 0.3% during the period, as did the UK’s, while the Italian and Spanish economies contracted by 0.9% and 0.7% respectively.

The steepest decline out of the countries that Eurostat provided data for was Portugal, which marked a 1.8% quarter-on-quarter contraction in GDP for the period. Data was not available for Greece, but Cyprus’s GDP fell by 1%, according to the agency.

German chemicals major Bayer’s shares were trading down by 1.60% compared with yesterday’s close at 14:21 GMT, while France-based industrial gas company Air Liquide and chemicals producer Arkema noted share price declines of 1.32% and 1.61% respectively.

Shares in Norwegian fertilizer producer Yara were down by 1.00%, while UK specialty chemicals company Elementis marked a 1.02% decline in its share price.

By: Tom Brown
+44 208 652 3214

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