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



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index