Chem stocks drop as Dow falls more than 6% during the day

Source: ICIS News

2018/02/05

HOUSTON (ICIS)--Chemical stocks fell as the Dow Jones Industrial Average dropped by more than 6% on Monday, before the index recovered to close at a decline of 4.60%.

The average closed at 24,345.75, down 1,175.21 points. During the day, the average fell to as low as 23,923.88, down nearly 1,600 points.

Almost every US-traded stocks followed by ICIS fell, with several falling by more than 4%. The biggest loser was titanium dioxide (TiO2) producer Kronos Worldwide, which declined by nearly 7%.

Other companies that fell sharply include Colombian energy producer Ecopetrol and US energy producer ExxonMobil.

The Dow Jones US Chemicals Index fell by 3.43% to close at 645.80. During the day, it reached 643.65.

The table below shows the performance among the major chemical companies followed by ICIS as of 15:18 Houston time (21:18 GMT).

Name Price $ Change % Change
Celanese Corp 100.67 -4.42 -4.21
DowDuPont Inc 67.8 -3.09 -4.36
Eastman Chemical Co 97.11 -2.16 -2.18
Enterprise Products Partners LP 26.25 -0.84 -3.1
Exxon Mobil Corp 79.22 -5.07 -6.01
LyondellBasell Industries NV 108.77 -3.4 -3.03
Nutrien Ltd 48.29 -1.69 -3.38
Phillips 66 95.21 -1.8 -1.86
PPG Industries Inc 111.98 -3.63 -3.14
Praxair Inc 150.32 -4.73 -3.05
Trinseo SA 77 -3.5 -4.35
Valero Energy Corp 89.77 -3.42 -3.67

Source: Morningstar

Oilseed processor Bunge was the only company to close higher, rising by 2.91%. The company's stock rose following reports that it was an acquisition target.

Monday's decline followed the second day of volatility. On Friday, the Dow Jones Industrial Average closed at a drop of 666 points.

The declines were so sharp during the past two business days, it put the index already near a correction, defined as a drop of at least 10%.

Such large swings in the stock market can affect the sentiment, and that can affect buying decisions among buyers in several different markets, said James Ray, ICIS senior consultant.

"If people feel uncertainty, they tend not to make big purchases," he said. "While one day doesn't make a trend, big drops can dampen the economy, at least in the short term."

Still, it is important to mark the difference between sentiment and market fundamentals, he said.

The table below shows the performance of the US-listed companies followed by ICIS.

Name Price $ Change % Change
A Schulman Inc 35.95 -2.05 -5.39
AdvanSix Inc 37.03 -1.27 -3.32
Albemarle Corp 105.15 -0.36 -0.34
Alerian MLP ETF 11.01 -0.17 -1.48
Andeavor 99.25 -4.28 -4.13
Ashland Global Holdings Inc 72.74 -1.13 -1.53
Axalta Coating Systems Ltd 29.81 -1.03 -3.34
Braskem SA ADR repr Class A 29.38 -0.99 -3.26
Bunge Ltd 80.89 2.29 2.91
Cabot Corp 62.72 -2.78 -4.24
Calgon Carbon Corp 21.3 0 0
Calumet Specialty Products Partners LP 7.3 -0.05 -0.68
Celanese Corp 100.67 -4.42 -4.21
CF Industries Holdings Inc 38.2 -1.71 -4.28
Cosan Ltd 11.05 -0.14 -1.25
DCP Midstream LP 39.47 -1.06 -2.62
DowDuPont Inc 67.8 -3.09 -4.36
Eastman Chemical Co 97.11 -2.16 -2.18
Ecolab Inc 132.05 -5.01 -3.66
Ecopetrol SA ADR 17.37 -1.24 -6.66
Enterprise Products Partners LP 26.25 -0.84 -3.1
Exxon Mobil Corp 79.22 -5.07 -6.01
HB Fuller Co 47.82 -1.91 -3.84
Huntsman Corp 31.48 -0.98 -3.02
Ingevity Corp 70.42 -2.53 -3.47
Kraton Corp 45.5 -2.56 -5.33
Kronos Worldwide Inc 23.52 -1.75 -6.93
LyondellBasell Industries NV 108.77 -3.4 -3.03
Marathon Petroleum Corp 64.58 -2.83 -4.2
Methanex Corp 58.1 -1.75 -2.92
NewMarket Corp 385.45 -7.08 -1.8
Nutrien Ltd 48.29 -1.69 -3.38
Occidental Petroleum Corp 70.91 -2.67 -3.63
Olin Corp 35.4 -0.66 -1.83
PBF Energy Inc Class A 30.07 -0.83 -2.69
Petroleo Brasileiro SA Petrobras ADR 12.7 -0.63 -4.69
Phillips 66 95.21 -1.8 -1.86
Platform Specialty Products Corp 10.15 -0.6 -5.58
PolyOne Corp 41.05 -1.83 -4.27
PPG Industries Inc 111.98 -3.63 -3.14
PQ Group Holdings Inc 14.81 -0.61 -3.96
Praxair Inc 150.32 -4.73 -3.05
RPM International Inc 48.94 -2.05 -4.02
Sherwin-Williams Co 393.23 -9.9 -2.46
Sociedad Quimica Y Minera De Chile SA ADR 51.15 -1.91 -3.6
Stepan Co 71.47 -3.58 -4.77
The Chemours Co 46.88 -2.34 -4.75
The Mosaic Co 24.78 -1.26 -4.84
Trinseo SA 77 -3.5 -4.35
Tronox Ltd 17.89 -0.16 -0.89
Ultrapar Participacoes SA ADR 24.2 -0.74 -2.97
Valero Energy Corp 89.77 -3.42 -3.67
Valvoline Inc 23.72 -0.43 -1.78
Venator Materials PLC 20.12 -0.9 -4.28
W R Grace & Co 69.96 -2.07 -2.87
Westlake Chemical Corp 103 -3.41 -3.2
Westlake Chemical Partners LP 23.4 -0.65 -2.7