The Los Angeles Business Journal’s index of largest local public companies rose for the week as the broader markets reacted to positive developments in the European debt crisis.

The weighted LABJ Stock Index closed up 2.3 percent to 139.21 for the week ended Sept. 7. Gainers outpaced decliners 136 to 30, with 10 companies unchanged.

Among the biggest gainers were Westlake Village casual shoemaker K-Swiss Inc., jumping 27 percent to $3.51, and Thousand Oaks agricultural biotech Ceres Inc., gaining 18 percent to $7.83. Neither had any market-making news during the week.

Physicians Formula Holdings Inc. rose 14 percent to $4.85. The Azusa cosmetics company, which earlier agreed to be taken private by private equity firm Swander Pace, said it received a higher offer from unnamed party that its board is now evaluating.

KB Home rose 11 percent to $12.07. Debt ratings firm Fitch Ratings upgraded its outlook on the Los Angeles homebuilder.

Among the biggest decliners were Agoura Hills video game developer THQ Inc., which fell 8 percent to $4.33 following a report about declining sales in the industry.

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