Central Iowa stocks rebound in 2003
The share prices of all but one of Central Iowa’s publicly traded companies rose in 2003, boosted by the same factors that helped the Dow Jones industrial average, the Standard & Poor’s 500 and the Nasdaq composite index post gains for the first time in four years.
The sole exception was Maytag Corp., which continues to struggle with falling profits, flat revenues and intense competition from rivals. Shares of the Newton-based manufacturer slipped by about 5 percent last year.
Maytag aside, the remaining eight companies in Central Iowa posted gains. Nationally, the improving economy and swelling corporate profits encouraged investors to begin buying stocks again.
For the year, the S&P 500 rose about 26 percent and the Dow Jones industrial average gained roughly 25 percent. The Nasdaq, hurt the worst by the slumping economy, posted the strongest rebound of any of the major indexes, shooting up 50 percent.
Closer to home, shares of Principal Financial Group Inc. climbed about 9 percent. American Equity Investment Life Holding Co., which first sold its shares to the public on Dec. 3, has gained 11.7 percent since.
West Bancorporation Inc. shares rose about 16 percent. EMC Insurance Group Inc. rose 17 percent and Meredith Corp. gained roughly 18 percent.
Shares of FBL Financial Group Inc. climbed about 31 percent. AmerUs Group Co. saw its stock gain about 21 percent and shares of Casey’s General Stores Inc. have climbed 41 percent.
Shares of Sauer-Danfoss Inc., which makes hydraulic components and systems for specialty vehicles and off-road equipment, more than doubled in 2003.