Stockwatch - May 2007<br>Manufacturers Retain Primacy Despite March's Volatility
The
PCI Manufacturers’ Index
showed nary a worry as it rose a healthy 74.54 points, or 6.04 percent to end
at 1308.77. Akzo Nobel and BASF carried most of the load this session: despite
the index’s strong showing, declining issues outpaced advancing issues at a
6-to-4 count.
Heavy-lifter Akzo Nobel zoomed up 12.57 points and closed at 75.92 after word
that Schering-Plough will buy the company’s pharmaceutical division for $14.4
billion. The deal is expected to close by the end of the year. Azko Nobel CEO
Hans Wijers said in a conference call that the company is considering other
options to strengthen its place in the chemicals and coatings sector, such as
acquisitions and greenfield investments. “Any transaction that makes strategic
sense and that creates long-term value will be considered,” Wijers said. Akzo
Nobel increased 19.84 percent, and was the top percentage gainer this session.