US chem shares rebound after Thursday sell-off

Author: Al Greenwood

2020/06/12

HOUSTON (ICIS)--Most US-listed shares of chemical companies recovered a portion of their losses on Friday, following a large sell-off that saw many stock prices fall by more than 10%.

That sell-off took place on Thursday, and it was the worst since mid-March.

The table below shows Friday's performance of the US-listed shares followed by ICIS.

$ Current

Price

$ Change % Change
AdvanSix 12.90 0.92 7.64
Axalta Coating Systems 22.20 0.50 2.28
Braskem 9.81 -0.29 -2.87
Celanese 88.23 2.67 3.12
Dow 41.17 1.91 4.85
DuPont 51.03 1.05 2.10
Eastman 69.69 3.82 5.80
HB Fuller 40.02 2.40 6.37
Huntsman 17.99 0.39 2.20
Ingevity 50.19 2.08 4.32
Kraton 16.00 1.30 8.84
Kronos Worldwide 9.65 0.23 2.44
LyondellBasell 66.61 2.71 4.23
Methanex 20.56 0.91 4.61
NewMarket 391.72 -3.51 -0.89
Olin 13.14 0.38 2.98
PolyOne 25.93 0.98 3.91
PPG 101.71 2.15 2.16
RPM International 73.53 1.69 2.35
Sherwin-Williams 545.09 -1.23 -0.23
Stepan 94.52 1.29 1.38
Chemours 14.96 1.36 10.00
Trinseo 21.67 1.27 6.23
Tronox 7.09 0.34 5.04
Univar 16.26 0.53 3.34
Venator Materials 2.15 0.31 16.85
Westlake Chemical 52.98 1.61 3.13

The general stock market also rebounded, but the strength of that recovery weakened as the day progresses.

The Dow Jones Industrial Average was up by more than 800 points earlier on Friday. It lost a large portion of those gains, as shown in the following table.

12-Jun Change %
Dow Jones Industrial Average 25,605.54 477.37 1.90
S&P 500 3,041.31 39.21 1.31
Dow Jones US Chemicals Index 579.71 11.82 2.08
S&P 500 Chemicals Industry Index 580.90 10.52 1.84

Oil markets were mixed, as shown in the following table.

12-Jun 11-Jun %
Brent 38.73 38.55 0.47%
WTI 36.26 36.34 -0.22%

Friday's faltering rebound came as some states in the US are reporting an upswing in coronavirus infections while they loosen travel and work restrictions.

For the US as a whole, total cases have reached 2.02m, up by nearly 22,000 from the previous day, according to the US Centers for Disease Control and Prevention (CDC).

In Europe, chemical shares were steady and lagged behind the general market.

EU industrial production had fallen by 17.3%, the steepest decline on record.

In Asia, chemicals shares fell.

Click here to view the ICIS Coronavirus, oil price crash - impact on chemicals topic page.
Additional reporting by Tom Brown and Nurluqman Suratman
Thumbnail image by Shutterstock

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