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Syngenta bounces back from overselling
May. 29, 2009
Shares in agrochemicals company Syngenta AG gain 1.3 percent, outperforming a 0.6 percent fall in the European chemicals sector .SX4P, as investors reassess its sharp fall the previous day after a disappointing sales outlook from competitor Monsanto.
"People think the stock might have been oversold yesterday as Syngenta wont be hit as hard as Monsanto by falling herbicide sales," a trader says.
Vontobel analyst Patrick Rafaisz agrees: "While this is clearly bad for sentiment towards all agrochemical companies, we expect Syngenta to be much less affected as Monsantos crop protection business almost exclusively consists of non-selective herbicides versus 15 percent at Syngenta."
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