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North American chemical stocks sank on Monday

August 09/2011

(ICIS) -- North American chemical stocks sank on Monday ­Ц the second time in less than a week ­Ц as the Dow Jones Industrial Average fell by nearly 635 points. The Dow Jones closed at 10,809.85, down by 5.55%. It was the largest drop since the 680-point fall in December 2008.

Monday was the second day in less than a week that the Dow Jones fell by more than 500 points. On Thursday, the index fell by 513.

As on Thursday, many North American chemical stocks fell much more than the Dow Jones.
Every North American company followed by ICIS fell, including Lubrizol and Arch Chemicals, both of which are in the midst of being acquired.

Several companies fell by more than 10%, including acetyls producer Celanese; catalyst producer WR Grace; polyurethanes producer Huntsman; titanium dioxide (TiO2) producer Kronos; refiner and petrochemical producer LyondellBasell; compounders PolyOne and A Schulman; specialty chemicals producers Chemtura, Rockwood and Solutia; refiners Sunoco and Valero; and polyolefins producer Westlake Chemical. Among the majors, Dow Chemical fell by 10% and DuPont fell by nearly 7%.

Tags:Dow, DuPont, Lubrizol, LyondellBasell.
Category:General News
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