US chem shares fall as general market takes break from rally

Al Greenwood

09-Jun-2020

HOUSTON (ICIS)–Most US-listed shares of the chemical companies followed by ICIS fell on Tuesday along with the general market, after a string of rallies.

The following shows the performance of the US-listed shares followed by ICIS.

$ Current
Price
$ Change % Change
AdvanSix 16.15 -0.37 -2.24
Axalta Coating Systems 24.30 -0.87 -3.46
Braskem 11.12 -0.36 -3.14
Celanese 97.06 -1.67 -1.69
Dow 44.59 -1.31 -2.84
DuPont 56.16 -0.88 -1.54
Eastman 77.25 -0.09 -0.12
HB Fuller 42.85 -1.18 -2.68
Huntsman 19.42 -0.49 -2.44
Ingevity 56.23 -1.16 -2.02
Kraton 19.32 0.21 1.10
Kronos Worldwide 10.79 -0.31 -2.75
LyondellBasell 75.93 -0.47 -0.61
Methanex 23.33 -1.44 -5.81
NewMarket 429.79 -2.49 -0.58
Olin 15.07 -0.51 -3.24
PolyOne 28.87 -0.41 -1.40
PPG 111.82 -1.58 -1.39
RPM International 79.48 -0.28 -0.35
Sherwin-Williams 583.72 8.72 1.52
Stepan 102.75 0.29 0.28
Chemours 16.78 -0.87 -4.93
Trinseo 24.40 -0.80 -3.17
Tronox 8.58 -0.24 -2.67
Univar 17.61 -0.49 -2.71
Venator Materials 2.31 -0.25 -9.77
Westlake Chemical 57.70 -2.02 -3.38

General indices also fell, as shown in the following table.

9-Jun Change %
Dow Jones Industrial Average 27,272.30 -300.14 -1.09
S&P 500 3,207.18 -25.21 -0.78
Dow Jones US Chemicals Index 628.30 -8.24 -1.29
S&P 500 Chemicals Industry Index 627.73 -6.29 -0.99

The declines took place following several days in which the stock market continued increasing. The rally quickened on Friday, when the US released labour statistics showing that employment increased in May.

The report raised expectations that the economic recovery could be sharper than initially expected.

Oil prices rose, as shown in the following table.

9-Jun 8-Jun %
Brent 41.18 40.80 0.93
WTI 38.94 38.19 1.96

Oil prices rose even as companies began resuming production, following the passage of Tropical Storm Cristobal.

In Europe, chemical stock prices fell following  confirmation of a 3.6% decline in eurozone first-quarter GDP and data of the sharpest German exports decline on record in April.

Subdued economic growth through 2019 amid supply gluts for many products is likely to weigh on investments in new export-oriented capacity in the next two years, according to shipping firm Odfjell.

In Asia, chemical shares were mixed.

The World Bank late on Monday said that global GDP this year will contract by 5.2%, the deepest global recession in eight decades despite unprecedented policy support.

Fresh tensions between the two Koreas kept markets wary.

Additional reporting by Tom Brown and Nurluqman Suratman

Click here to view the ICIS Coronavirus, oil price crash – impact on chemicals topic page.

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