Shares in Trib 30 index soar
Mostly on the strength of industrial stocks, the Trib 30 index of local stocks soared to an all-time high of 354.5 in January.
The performance shattered the record of 335.9, which was set only one month earlier.
Nearly half, or 13, of the issues in the index reached new, 52-week highs during the month of January. Of the baker's dozen, eight were manufacturing or related.
Only one stock, FirstEnergy, slid to a new, 52-week low. The utility fell to $39.18 late in the month.
Gainers overwhelmed losers 4-to-1, with 24 stocks increasing in value during January, and only six losing value.
The Trib 30 is an equal-weighted index of stocks of companies headquartered or dominant in Western Pennsylvania. An investor who divided $100,000 equally among the 30 stocks on Dec. 31, 1999, would have a portfolio worth $354,500 at the end of the month.
It was the fourth time in six months that the stock index set a new high. August saw a new high of 316.7, topped by September's 327.9, topped by December's 335.9, and toppled by this month's 354.5.
As impressive as its peak-setting was, the Trib 30's month-over-month gain of 5.5 percent was slightly smaller than that of the Dow Jones industrial average's 5.8 percent increase in January. The Dow ended January at 13,861, compared with 13,104 at the end of December.
Comcast reached a new high of $40.28, setting a new mark each of the last 12 months.
Three stocks hit a new high yesterday, the last day of January: H.J. Heinz, Mine Safety Appliances and Wabtec.
Other manufacturing stocks to set new highs were L.B. Foster, Mylan, PPG Industries and Thermo Fisher Scientific. Wesco, which distributes industrial an other supplies, also set a new high.
The remaining record-setters were Ansys, Bank of New York Mellon, FedEx and NiSource.
Thomas Olson is a staff writer for Trib Total Media.