Chems fall again as Dow falls 4.15%

Source: ICIS News

2018/02/08

HOUSTON (ICIS)--Chemical stocks plunged on Thursday as the Dow Jones Industrial Average had a second large sell-off this week, falling by 4.15% percent.

The index closed at 23,860.46, down by 1,032.89 points. The decline puts the index at a correction, since it has fallen by at least 10% from its previous high.

Nearly company followed by ICIS fell.

The Dow Jones US Chemical Index closed at 635.75, down 23.07 points or 3.50%.

The S&P 500 Chemicals Industry Index closed at 598.44, down 20.99 points or 3.39%.

Pigment producer Kronos Worldwide was the biggest loser as of 15:32 hours Houston time (21:32 GMT), falling by 8.59%. Catalyst producer WR Grace fell by 8.00%. Several companies fell by more than 4%.

Calumet Specialty Products was the only stock that increased, rising by 0.69% to close at $7.25.

Among the majors, DowDuPont fell by 3.39%, and LyondellBasell declined by 4.06%. Refiner Valero fell by 3.42%, and industrial gases producer Praxair dropped by 3.96%.

Paints and coatings producer PPG dropped by 3.36%, and fertilizer producer Nutrien fell by 3.76%

Thursday's drop marked the second large decline this week. On Monday, the Dow Jones Industrial Average fell by 4.60%.

The declines come amid concerns that yields on Treasurys will rise due to inflation. As economic growth speeds up, wages could rise. The tax reforms and a potential infrastructure plan could add more fuel to growth, putting more pressure on inflation.

As yields rise, it makes Treasurys more attractive to investors compared to stocks.

The table below shows the performance of the stocks followed by ICIS.

Name Current
Price
$ Change % Change
Kronos Worldwide Inc 22.57 -2.12 -8.59
W R Grace & Co 65.51 -5.7 -8
The Chemours Co 44.77 -3.5 -7.25
Cabot Corp 61.98 -4.82 -7.22
Olin Corp 30.97 -2.08 -6.29
Huntsman Corp 30.83 -1.94 -5.92
Trinseo SA 73.25 -4.25 -5.48
Eastman Chemical Co 93.57 -5.41 -5.47
AdvanSix Inc 35.18 -2 -5.38
Methanex Corp 54.9 -3.05 -5.26
CF Industries Holdings Inc 37.46 -2.02 -5.12
Tronox Ltd 18.74 -0.96 -4.87
Braskem SA ADR repr Class A 27.75 -1.35 -4.64
Westlake Chemical Corp 102.09 -4.83 -4.52
Kraton Corp 45.78 -2.16 -4.51
Venator Materials PLC 21.03 -0.99 -4.5
Cosan Ltd 10.51 -0.49 -4.45
The Mosaic Co 24.13 -1.12 -4.44
Petroleo Brasileiro SA Petrobras ADR 12.21 -0.55 -4.31
Platform Specialty Products Corp 9.84 -0.43 -4.19
Ecopetrol SA ADR 16.26 -0.7 -4.13
Celanese Corp 97.74 -4.14 -4.06
LyondellBasell Industries NV 105.79 -4.48 -4.06
PBF Energy Inc Class A 29 -1.22 -4.04
Ecolab Inc 127.76 -5.36 -4.03
Praxair Inc 144.07 -5.94 -3.96
PQ Group Holdings Inc 14.17 -0.58 -3.93
Sherwin-Williams Co 387.65 -15.83 -3.92
Nutrien Ltd 45.05 -1.76 -3.76
Andeavor 96.9 -3.72 -3.7
DCP Midstream LP 38.4 -1.46 -3.66
Alerian MLP ETF 10.54 -0.39 -3.6
Marathon Petroleum Corp 62.79 -2.3 -3.53
Ultrapar Participacoes SA ADR 23.43 -0.84 -3.46
H.B. Fuller Co 47.36 -1.68 -3.43
Valero Energy Corp 86.77 -3.07 -3.42
DowDuPont Inc 68.21 -2.39 -3.39
PPG Industries Inc 110.3 -3.83 -3.36
PolyOne Corp 40.32 -1.39 -3.33
Phillips 66 92.44 -3.17 -3.32
Ashland Global Holdings Inc 70.46 -2.2 -3.03
Ingevity Corp 69.14 -2.11 -2.96
RPM International Inc 47.98 -1.37 -2.78
Valvoline Inc 22.96 -0.64 -2.71
Enterprise Products Partners LP 26 -0.66 -2.48
Stepan Co 69.52 -1.68 -2.36
Sociedad Quimica Y Minera De Chile SA ADR 53.57 -1.27 -2.32
A. Schulman Inc 35.55 -0.8 -2.2
Occidental Petroleum Corp 68.47 -1.4 -2
NewMarket Corp 388.93 -7.07 -1.79
Bunge Ltd 79.96 -1.38 -1.7
Albemarle Corp 105.18 -1.45 -1.36
Westlake Chemical Partners LP 22.95 -0.3 -1.29
Exxon Mobil Corp 76.07 -0.87 -1.13
Axalta Coating Systems Ltd 30 -0.25 -0.83
Calgon Carbon Corp 21.3 -0.05 -0.23
Calumet Specialty Products Partners LP 7.25 0.05 0.69

Source: Morningstar

Additional reporting by Joseph Chang