Braskem Shares Rise 3.4% After Bio-Attributed Ethylene Supply Agreement
By Jeffrey T. Lewis
SÃO PAULO--Braskem's shares rose 3.4% after the Brazilian chemical company said it reached an agreement to supply Indorama Ventures IOD-Oxiteno with bio-attributed ethylene.
Shares reached 18.28 reais, the equivalent of $3.73, and were down 22% from the end of last year through Friday's close. Brazil's benchmark Ibovespa stocks index was up 0.3% in mid-morning trading.
Braskem didn't provide information on how much of the reduced-carbon compound Oxiteno would be purchasing. Ethylene is used as a raw material to make polyethylene and other industrial chemicals.
Bio-attributed ethylene is produced from traditional carbon sources, along with recycled or renewable components that give the product a more sustainable profile, Braskem said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 06, 2023 09:39 ET (14:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Where We See Opportunities After an Ugly Month for Stocks
-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Berkshire Hathaway Earnings: Strong Insurance Results Continue to Lift Revenue and Profitability
-
10 Questions for Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Ford Stock a Buy, a Sell, or Fairly Valued?
-
3 Dividend Stocks for May 2024
-
Amgen Earnings: Obesity Drug Update Is Highly Encouraging
-
What’s Going on With Apple, Tesla, and Alphabet?
-
Apple Earnings: A Weak 2024, but Optimism for 2025
-
4 Utility Stocks to Play the AI Data Center Boom