The Los Angeles Business Journal’s index of largest local public companies made strong gains for a third straight week as European leaders reached a tentative agreement to address the region’s debt crisis.
The weighted LABJ index rose 7.9 percent to close at 120.66 for the week ended Oct. 28. Gainers outpaced decliners 132 to 35, with 8 companies unchanged.
Better-than-expected earnings reports fueled most of the top gainers. They were led by Long Beach managed care provider Molina Healthcare Inc., which soared 35 percent to $21.42. Stamps.com Inc. surged 33 percent to $32.73. Los Angeles real estate services giant CBRE Inc. jumped 30 percent to $18.98
Progress on the pending merger of Koreatown banks Nara Bancorp Inc. and Center Financial Corp. boosts both holding companies’ stock. Center gained 29.5 percent to $6.63 and Nara gained 29 percent to $8.57.
Among the few decliners was Power-One Inc., a Camarillo maker of power-conversion devices, which fell 8 percent to $4.91 after an analyst downgrade.