Fastener Winners Amid Record Dow Surge
3/11/2013
FEATURE
The Dow Jones Industrial Average hit a record last week, breaking a barrier it had not surpassed since October 2007.
On Friday the Dow closed at 14,397.07, capping a week of positive financial news that included Labor Department figures on stronger-than-expected job growth in February, the Associated Press reports.
For the year the Dow is up 9.9%, the Standard & Poor’s 500 has risen 8.8% and the Nasdaq composite has gained 7.5%.
Fastener stocks have gained from the market surge, though less than other indices.
The FIN Fastener Stock Index has gained 8% in 2013, down from the 12.3% the FINdex gained in the opening quarter of 2012.
But some individual fastener companies have outperformed the Dow.
Lawson Products achieved the greatest stock percentage increase so far in 2013, with shares gaining 54%.
Other FINdex companies with share gains of 10% in 2013 include Anixter (14.4%), B/E Aerospace (14.4%), Chicago Rivet (14.1%), Fastenal (10.4%), Grainger (14.1%), MSC Industrial (15.4%) and Nucor (10.4%).
FINdex companies losing share value this year include Alcoa, Carpenter Technologies and Simpson Mfg.
For 2012 the FINdex finished 10.5% higher than 2011 — edging out the 10.4% gain recorded by an index of related industrial stocks.
FIN currently tracks 19 publicly-held companies with major fastener revenue.
A summary of each company is available to FIN subscribers by clicking on the FIN Stock Review or to non-subscribers at Article Store. ©2013 GlobalFastenerNews.com
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