Hurricane threat pushes industry stock prices up
The threat of two hurricanes in the Atlantic Ocean, including Hurricane Florence headed for the Southeastern and Mid-Atlantic states, has pushed up the price of some industry stocks.
As of Monday morning, roofing supplier Beacon Roofing was up more than 8% while Builders FirstSource shares increased 5.55% and Trex rose more than 4%. Generator manufacturer Generac saw nearly a 6% increase.
Other industry stocks demonstrating gains include BMC Stock, Jeld-Wen, and Masonite. Lowe’s shares were up 2.18% while Home Depot’s stock price grew 1.90%.
The National Hurricane Center said Hurricane Florence – the first major hurricane of the season – has strengthened to a Category 4 storm as of Monday morning, while closing in on North and South Carolina.
North Carolina’s Barrier Islands are already feeling the impacts of the storm with strong rip currents and rising ocean water. Area residents have already been told to evacuate while the governors of North Carolina, South Carolina, and Virginia have already declared states of emergency.
The storm could reach the mainland as early as Wednesday evening. Warm ocean waters aren't helping matters and strengthening the power of Florence.
As of Monday morning, roofing supplier Beacon Roofing was up more than 8% while Builders FirstSource shares increased 5.55% and Trex rose more than 4%. Generator manufacturer Generac saw nearly a 6% increase.
Other industry stocks demonstrating gains include BMC Stock, Jeld-Wen, and Masonite. Lowe’s shares were up 2.18% while Home Depot’s stock price grew 1.90%.
The National Hurricane Center said Hurricane Florence – the first major hurricane of the season – has strengthened to a Category 4 storm as of Monday morning, while closing in on North and South Carolina.
North Carolina’s Barrier Islands are already feeling the impacts of the storm with strong rip currents and rising ocean water. Area residents have already been told to evacuate while the governors of North Carolina, South Carolina, and Virginia have already declared states of emergency.
The storm could reach the mainland as early as Wednesday evening. Warm ocean waters aren't helping matters and strengthening the power of Florence.