FRANKFURT/PARIS (dpa-AFX) - Following a downgrade by HSBC, shares of Brenntag lost up to 2.8 percent in a weak overall market. The papers of the chemicals trader thus fell back below their exponential 200- and 100-day lines to the level of mid-August. They thus corrected by more than 10 percent from their annual high in mid-September.

HSBC expert Dario Dickmann is now fully committed to IMCD in the sector, his only remaining buy recommendation. The recent distortions following the Corona boom should largely end in the fourth quarter of this year, according to the industry expert. However, he does not expect any significant inventory rebuilding given the economic uncertainty.

IMCD has the best prospects in the medium term, Dickmann added. Brenntag and also Azelis appeared fairly valued in the current environment. Azelis lost up to 3.8 percent, IMCD a comparatively moderate 1 percent. The Stoxx Europe 600 Chemicals is at its lowest level since November 2022./ag/jha/.