US chem shares fall again with general market

Author: Al Greenwood

2020/06/10

HOUSTON (ICIS)--Most US-listed shares of chemical companies followed by ICIS fell, as the general market declined and the Federal Reserve voted to keep interest rates near 0%.

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

$ Current

Price

$ Change % Change
AdvanSix 14.50 -1.61 -9.99
Axalta Coating Systems 23.50 -0.76 -3.11
Braskem 10.86 -0.23 -2.03
Celanese 94.56 -2.44 -2.52
Dow 43.78 -0.63 -1.42
DuPont 53.76 -2.17 -3.88
Eastman 75.56 -1.46 -1.90
HB Fuller 42.08 -0.81 -1.89
Huntsman 19.17 -0.19 -0.96
Ingevity 54.45 -1.53 -2.72
Kraton 17.30 -2.01 -10.41
Kronos Worldwide 10.44 -0.32 -2.93
LyondellBasell 73.97 -2.03 -2.67
Methanex 22.21 -1.11 -4.74
NewMarket 433.64 2.66 0.62
Olin 13.41 -1.60 -10.66
PolyOne 27.58 -1.08 -3.77
PPG 109.32 -2.11 -1.89
RPM International 79.41 0.19 0.24
Sherwin-Williams 581.31 -0.46 -0.08
Stepan 99.96 -2.46 -2.40
Chemours 16.05 -0.68 -4.06
Trinseo 23.67 -0.56 -2.29
Tronox 7.99 -0.57 -6.66
Univar 17.39 -0.15 -0.83
Venator Materials 2.05 -0.29 -12.39
Westlake Chemical 55.02 -2.46 -4.28

The declines in chemical shares came as some US states are reporting rising numbers of people going to the hospital because of the coronavirus.

The major indices followed by ICIS also fell, although not to the same magnitude as many chemical stocks.

10-Jun Change %
Dow Jones Industrial Average 26,989.99 -282.31 -1.04
S&P 500 3,190.14 -17.04 -0.53
Dow Jones US Chemicals Index 618.39 -9.91 -1.58
S&P 500 Chemicals Industry Index 619.29 -8.44 -1.34

Markets fell after the Federal Reserve voted to keep benchmark interest rates at 0-0.25%.

Members of the central bank expect rates will remain near 0% until at least 2022. The economy should contract by 6.5% this year, before expanding by 5.0% in 2021 and 3.5% in 2022.

Oil prices rose, as shown in the following table.

10-Jun 9-Jun %
Brent 41.73 41.18 1.34
WTI 39.6 38.94 1.69

In the US, refinery rates increased by 1.3 percentage points in the week ended 5 June.

North American chemical railcar loadings fell year on year for the week ended 6 June

In Europe, chemical stocks fell.

report from the OECD outlined concerns that a second outbreak of the coronavirus would drag down global GDP. Europe would be particularly at risk.

In Asia, chemical shares were mixed.

Additional reporting by Michael Sims, Juhi Varma, Morgan Condon and Nurluqman Suratman

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

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