Chem stocks plunge as US declares coronavirus emergency

Author: Al Greenwood

2020/01/31

HOUSTON (ICIS)--US-listed chemical shares and stock indices fell sharply on Friday as the US declared coronavirus a public health emergency.

The Dow Jones Industrial Average closed at 28,256.03, down 603.41 points or 2.09%. The S&P 500 closed at 3,225.52, down by 58.14 points or 1.77%.

The Dow Jones US Chemicals Index closed at 610.84, down by 14.74 or 2.36%. The S&P 500 Chemicals index closed at 605.81, down by 14.92 points or 2.40%.

The following shows the performance of some of the US-listed stock follows by ICIS.

Name $ Current

Price

$ Change % Change
AdvanSix Inc 18.72 -0.3 -1.58
Albemarle Corp 80.28 -0.5 -0.62
Ashland Global Holdings Inc 73.98 -1.92 -2.53
Axalta Coating Systems Ltd 28.81 0.25 0.88
Celanese Corp Class A 103.5 -6.69 -6.07
Dow Inc 46.07 -2.4 -4.95
DuPont de Nemours Inc 51.18 -1.54 -2.92
Eastman Chemical Co 71.27 1.72 2.47
FMC Corp 95.59 -0.46 -0.48
H.B. Fuller Co 46.21 -2.1 -4.35
Huntsman Corp 20.56 -0.9 -4.19
LyondellBasell Industries NV 77.86 -5.59 -6.7
Methanex Corp 32.45 -2.85 -8.07
Olin Corp 14.87 -0.77 -4.92
PPG Industries Inc 119.84 -3.27 -2.66
RPM International Inc 71.37 -0.52 -0.72
The Chemours Co 13.87 -0.6 -4.15
Trinseo SA 28.72 -2.44 -7.83
Tronox Holdings PLC 8.46 -0.84 -9.03
Univar Solutions Inc 21.55 -0.51 -2.31
W R Grace & Co 67.36 -1.34 -1.95
Westlake Chemical Corp 61.2 -2.71 -4.24

The outbreak is threatening petrochemical and fuel markets.

American Airlines, United Airlines and Delta have already stopped all flights from the US to China.

Demand for plastics and chemicals will fall as local governments extend Lunar New Year holidays and manufacturing plants and retail outlets shut down.

South Korean producer SK Global Chemical has ordered its employees working at petrochemical facilities in Wuhan to come back to Korea.

The outbreak was first detected in Wuhan, Hubei province in China and has since spread.

There are 9,700 cases in China with more than 200 deaths, said Robert Redfield, director of the US Centers for Disease Control and Prevention. In addition, 23 other countries have confirmed 132 cases. Out of those, 12 cases in six countries involve people who did not travel to China.

In the US, six cases were confirmed so far, and the most recent one did not travel to China - although that person was in close contact with one of the cases, Redfield said. Another 191 people are being monitored.

The US has taken the following measures listed below, according to Alex Azar, US Secretary of Health and Human Services.

- Any US citizen returning to the US who has been in Hubei province in the previous 14 days will be subject to up to 14 days of quarantine.

- Any US citizen returning to the US who has been in the rest of mainland China within the previous 14 days will go through what Azar called proactive entry health screening at a select number of ports of entry and up to 14 days of monitored self-quarantine.

- Foreign nationals other than immediate family of US citizens or permanent US residents who have travelled in China during the previous 14 days will be denied entry into the US.

Additional reporting by Joseph Chang, Alex Snodgrass and Nurluqman Suratman

Visit the ICIS Coronavirus topic page for analysis of the impact on chemical markets and links to latest news.

Thumbnail photo by CHINE NOUVELLE/SIPA/Shutterstock