ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, January 1, 1997 TAG: 9701030001
SECTION: BUSINESS PAGE: B-8 EDITION: HOLIDAY
SOURCE: MAG POFF STAFF WRITER
THE MARKET AS A WHOLE was uneven last year, and area stocks reflected that trend.
The shares of six of the 20 companies on The Roanoke Times index of regional stocks lost money last year.
Despite that record number of companies with year-over-year declines, the index as a whole gained about 19 percent in value in 1996, according to John C. Parrott II of the Roanoke office of Wheat First Butcher Singer. Parrott compiles and tracks the index.
"The index reflected the general tenor of the market," Parrott said.
Although the Dow Jones index of industrial stocks had a "wonderful" year in 1996, Parrott said, the market as a whole was uneven. The gains focused on specific stocks, such as the major industrial companies on the Dow Jones index of 30 major corporations, while others - including utilities - lost ground.
Among the regional companies, Parrott said, four stocks gained more than 40 percent last year: General Electric Co., NationsBank Corp., USAir Group and Tultex Corp.
Four others gained at least 15 percent during the year: Signet Banking Corp., Crestar Financial Corp. and First Union Corp. among the banks, plus Norfolk Southern Corp.
These stocks carried the local index to its 1996 gain, he said.
The losers were Westmoreland Coal Co., BellSouth Corp., Dominion Resources Inc. (parent of Virginia Power), Bell Atlantic Corp., ITT Corp., Pulaski Furniture Co. and Roanoke Electric Steel Corp. Parrott said the last stock lost only a fraction and the value of its common stock was essentially flat during the year.
The utilities, which were big winners in prior years, lagged in 1996. On the other hand, Parrott said, "the banks and GE were the stars in the portfolio."
The other five stocks in the portfolio had small gains: Hubbell Inc., Ladd Furniture, Bassett Furniture Industries, Home Shopping Network and Smithfield Foods.
The list covers an index of area companies published by The Roanoke Times as an indicator of the region's economy.
Parrott pointed out that the regional portfolio, which has been tracked since 1984, contains no technology stocks, a sector that has driven much of the gains on national stock markets.
Westmoreland Coal Co. has closed down all of its Virginia operations and filed for bankruptcy protection in Colorado. It is, therefore, no longer a regional company.
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