Sector movers: BASF and AZ Electronic provide a catalyst for chemicals

25th Oct 2012 15:48

The chemicals sector was in its element on Thursday afternoon after some well-received results from German chemicals giant BASF and FTSE 250 firm AZ Electronic Materials.The company, which reported 8.0% sales growth in the third quarter to €19.01bn, said that it still remains on track to hit its full-year targets this year despite a gloomy outlook for the global economy and chemicals industry.BASF said: "The outlook is clouded by continued uncertainty, especially in the Eurozone, and by slower growth in Asia. Nevertheless, we still aim to exceed the 2011 record levels in sales and income from operations before special items."The news sparked a rise for chemicals stocks in London with Croda International, Johnson Matthey and Elementis making decent gains.However, AZ Electronic Materials was leading the risers in the sector after a decent third quarter and confident outlook.The company, which produces components for tablet computers, TV and smartphones, saw shares rise over 6% in afternoon trade after saying that revenues in the three months to September 30th were up 1% to $203.5m."Current trading in October shows that overall the business is performing in line with our expectations, which for the 2012 full year are unchanged," the company said.Top performing sectors so far todayChemicals 8,400.52 +2.11%General Retailers 1,953.85 +1.96%Food Producers & Processors 6,142.35 +1.82%Travel & Leisure 5,045.97 +1.44%Life Insurance 4,777.75 +1.34%Bottom performing sectors so far todayIndustrial Metals & Mining 2,551.29 -2.34%Mobile Telecommunications 3,981.44 -0.87%Technology Hardware & Equipment 849.13 -0.82%Oil & Gas Producers 7,954.84 -0.79%Personal Goods 18,021.72 -0.57%BC