University of Miami’s Florida 50 Stock Index Gains More than 2% in First Quarter, Led by Office Depot, World Fuel Services and ADT
March 31, 2016
The University of Miami’s Florida 50 Index ended the turbulent first quarter of 2016 with a gain of 2.25% and with nearly 20 of its firms seeing stock prices rise more than 10%. The gain in the Florida index, which tracks all Florida firms in the S&P Composite 1500® Index, compares to a gain of just 1.00% percent in the broader S&P 1500.
The biggest gainers in the Florida index were Office Depot Inc., World Fuel Services Corp., The ADT Corp., Chico’s FAS Inc. and the GEO Group Inc. All saw gains of more than 25 percent.
The Florida 50 Index, which was established in January by the University of Miami School of Business Administration, is the first custom S&P Dow Jones index to be owned by a university. It is intended to act as an effective representation of the stock market and a bellwether for the Florida economy.
“We are very interested in following how the Florida 50 Index performs compared to the broader market as an indicator of how the state’s economy is doing compared to the rest of the nation,” said Seth Levine, an accounting lecturer at the School. “Over the past 11 years, the index beat the S&P 1500 by more than 30%.”
The Florida 50 Index is based on the capitalizations of about 50 Florida-based large-, mid- and small-cap companies included in the S&P 1500 index having common stock listed on the NYSE or NASDAQ.
The index is available under ticker symbol UMIAMIFL through the S&P website at: www.UMFL50.com.