European chem stocks fall on Cyprus bailout stalemate

18 March 2013 14:34  [Source: ICIS news]

LONDON (ICIS)--European chemical company stocks fell on Monday in line with general markets as a result of uncertainty following the latest postponement of Cyprus’s bailout by the EU and the International Monetary Fund (IMF).

The €10bn ($13bn) bailout, which had initially been slated to be agreed on Sunday but was postponed until Monday, stalled over demands from the EU and IMF for a one-off levy on all bank customers, which has reportedly resulted in outrage and widespread cash withdrawals in the country.

The vote in Cyprus’s parliament on the bailout is now scheduled for 18:00 local time on Tuesday.

The Dow Jones Euro Stoxx Chemicals index was down 0.76% as of 13:36 GMT on Monday, with falls in stock prices in all but four of the index’s 24 constituent companies.

German specialty chemicals company BASF saw the steepest decline in early afternoon trading, with its share price falling 1.77% compared with its closing price last week. Shares in Switzerland-based Clariant fell by 1.12% compared with Friday’s close, while Germany’s Bayer saw a drop in share value of 1.16%

German fertilizer specialist K+S marked a 0.89% decline in its share price compared with the previous close, while shares in French industrial gases company Air Liquide and UK chemicals company Johnson Matthey fell by 0.86% and 0.82% respectively.

UK index the FTSE 100 was trading down 0.68% as of 13:35GMT, while Germany’s DAX was down 1.05%. France's CAC 40 index was down 1.20%

By: Tom Brown
+44 208 652 3214

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