FINdex Rises 5.6% During Third Quarter

Jason Sandefur

After a strong growth rate of 14.1% during the previous quarter, the FIN Fastener Stock Index gained 5.6% during the third quarter of 2007, outperforming an index of related industrial stocks that increased 2.6% during the period.
Results among companies varied widely in Q3. Precision Castparts led the way with a 22% improvement in share price. Other publicly traded companies that handle fasteners saw their stock value increase, including ITW, Danaher, Anixter and Fastenal. Nucor rebounded with a 1.3% stock gain in Q3 following a 10% decline in shares during the previous quarter.
The market was not equally kind to all fastener companies, however. Lawson shares dropped 10% during the period, while Chicago Rivet stock declined 9.3%. Other fastener companies whose share value dropped during Q3 included Paulin, Black & Decker, Alcoa and Grainger.
During the first nine months of 2007 the FINdex rose 25.1%, compared to a 10.9% gain by an index of related industrial stocks. �2007 FastenerNews.com