The Los Angeles Business Journal’s index of the 200 largest local public companies rose sharply for the week ended Sept. 11 after improving consumer sentiment and lower oil prices helped fuel a nearly weeklong stock rally.
The weighted LABJ index closed up more than 4 percent to 105.99, with gainers outpacing decliners 140 to 36.
Los Angeles staffing company Korn/Ferry International gained 16 percent to $14.95 after reporting a fiscal first quarter loss that was lower than expected.
Los Angeles biotech CytRx jumped 30 percent to $1.23 after reporting progress in getting the U.S. Food & Drug Administration to allow it to restart clinical trials on its drug for ALS, or Lou Gehrig’s disease.
Among the larger decliners was Los Angeles business bank Preferred Bank, which fell 11 percent to $3.12 after successfully completing a $17 million rights offering that would dilute shares of existing shareholders.
Aerovironment Inc., a Monrovia aerospace manufacturer, ended the week down 7.6 percent to $26.79 after posting a surprise first quarter loss due to deferred orders for its unmanned drones.