10/5/2009
NEWS BRIEFS
FINdex Jumps Nearly 20% in Q3
2009 FINdex
Fastener stocks were good to investors during the third quarter of 2009. The FIN Fastener Stock Index increased 19.5% during Q3, beating a 16% gain by a composite index of related industrial stocks.
More than three-fourths of the public companies with fastener holdings saw a double-digit rise in share value during Q3.
Park Ohio recorded the largest percentage gain during the period, with its stock more than doubling to $8.72 per share.
Other public fastener companies achieving share value increases of 35% or more were Black & Decker (61%), Barnes Group (43%), BE Aerospace (40%), and Precision Castparts (39%).
Black & Decker posted its strong performance after recording a 9% drop in share value during the second quarter of 2009.
The FINdex performance during Q3 marked back-to-back periods of improvement after four consecutive quarters of decline that began in the second quarter of 2008.
The FINdex declined 14.6% during the first quarter of 2009, after falling 42% during 2008, when publicly companies recorded an average 25% drop in stock prices during the final quarter.
For more details about fastener stock performance, look for the upcoming issue of FIN. ©2009 GlobalFastenerNews.com
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