By Thomas K. Meakin
Insurance and financial services stocks recorded their best gains since last May. The 121 stocks we priced in November staged a 5.04% advance. Just to refresh memories, in that merry month of May, our stocks went airborne in a 7.47% climb!
A 5% percent monthly advance should please investors. But if our stocks had done as well as the general market in November, I would be more than pleased; in fact, I’d be closer to ecstatic! Just note the general market stats.
The S&P 500 Stock Index was ahead 7.52%, the DJIA surged 8.56%, and the NASDAQ Composite climbed a remarkable 14.22%!
There were 97 issues in the plus column and only 24 losers. That produced an outstanding win/lose ratio of 4/1. 38 of the 121 stocks covered in November were double-digit winners.
All eight-industry sectors moved up, though the Reinsurance group did so by the thinnest of margins. (Plus .05%) The reinsurers’ close brush with a down month was almost entirely due to a 54.08% collapse in Vesta Insurance Group.