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European chemical company share prices approached their lowest point in 12 months

August 19/2011

(ICIS) -- European chemical company share prices approached their lowest point in 12 months on Friday as fears over the potential for a double-dip recession continued to weigh on stocks across the region.


The Dow Jones Eurostoxx Chemicals index, which tracks the market valuation of Europes biggest listed chemical companies, hit a low of 542.34 points on Friday morning, having opened at 565.81. It was the first time the index had fallen below 550 points since 31 August 2010.


Shares in German specialty chemical and rubber maker LANXESS were hardest hit among the regions biggest chemical companies, falling by 5.62% to EUR 39.72 (USD 56.74) per share on the German bourse, the DAX. LANXESS shares last traded at under EUR 40 on 14 September 2010.


Another German company, chemical giant BASF, also sustained losses on the DAX, with its shares selling for EUR 48.47, the first time they had traded under EUR 50 since 13 September 2010.


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