(Adds details on cement and concrete suppliers)
NEW YORK, Sept 10 (Reuters) - Stocks in weather-sensitive industries reacted as Hurricane Florence moved closer to the U.S. East Coast on Monday.
Shares of roofing and insulation products companies including Beacon Roofing Supply Inc and Owens Corning rose, while insurers such as Allstate Corp tumbled.
Florence, the first major hurricane to threaten the eastern United States this year, was forecast to hit the coast of North Carolina or South Carolina on Thursday. North Carolina ordered residents to evacuate the state’s Outer Banks barrier islands, and the governors of Virginia, North Carolina and South Carolina declared states of emergency.
The Atlantic hurricane season, which typically runs from June to November, caused more than $250 billion worth of damage in the United States in 2017.
But several industries benefited. Car rental and hotel companies saw an influx of customers, while freight companies commanded higher prices as capacity tightened due to increased demand for supplies in areas struck by hurricanes.
Here is a summary of how shares are performing as Hurricane Florence approaches:
Hurricane Florence had a mixed effect on building products companies. Shares of roofing and insulation companies climbed, while those of cement companies fell.
On Monday, shares of Beacon Roofing rose 8.2 percent, their biggest one-day percentage jump in more than a year. Owens Corning shares rose 3.7 percent and were the top gainers on the PHLX Housing Index.
Shares of generator maker Generac Holdings Inc also touched a four-year high and were last up 5.6 percent.
But Summit Materials Inc shares fell 8.1 percent after the cement and concrete supplier warned of adverse weather, including Hurricane Florence, hurting performance in several of its markets. The shares of peer companies Martin Marietta Materials Inc, Vulcan Materials Co and Eagle Materials Inc also declined between 2 percent and 3.5 percent.
Shares of Lowe’s Companies Inc and Home Depot hit record highs on Monday. Lowe’s shares were last trading 2.2 percent higher, while Home Depot shares were up 2.6 percent.
During the 2017 Atlantic hurricane season, Home Depot shares rose 16.3 percent. But Lowe’s shares only rose 4.7 percent during that period, lagging the S&P 500, as the chain struggled to compete with Home Depot.
Allstate shares fell 1.9 percent on Monday. The insurer had a 10.5 percent market share in South Carolina and a 6.6 percent market share in North Carolina, according to Sandler O’Neill.
Shares of Travelers Companies Inc, Progressive Corp and American International Group Inc declined between 1 percent and 2 percent.
Shares of Hertz Global Holdings Inc and Avis Budget Group Inc surged during much of the 2017 Atlantic hurricane season on investors’ anticipation of increased demand. Hertz shares climbed 156.2 percent between June and early November, while Avis shares rose 80.1 percent.
On Monday, Hertz shares rose 4.4 percent and Avis shares added 2.7 percent.
In 2017 between June 1 and Dec. 1, shares of USA Truck Inc soared 172.9 percent, while shares of XPO Logistics Inc and Old Dominion Freight Line Inc climbed more than 40 percent. J B Hunt Transport Services shares rose 26.7 percent over the same period.
On Monday, XPO Logistics shares rose 5.4 percent. USA Truck shares advanced 3.8 percent, J B Hunt gained 3.7 percent and Old Dominion added 1.6 percent.
Shares of hotel operators were little changed on Monday. They had gained during the 2017 hurricane season as demand from guests displaced by hurricanes outweighed the hit from storm damage.
From June 1 to Dec. 1, 2017, shares of Hyatt Hotels Corp jumped 25.8 percent. Shares of Marriott International Inc , Hilton Worldwide Holdings Inc and Choice Hotels International Inc rose up to 18.9 percent. (Reporting by April Joyner; Editing by Meredith Mazzilli)