The market value of Chattanooga's publicly traded companies collectively rose nearly $1.5 billion last year, although only half of the stock-traded companies headquartered in the Chattanooga area saw stock price gains during 2019.
Despite the best overall stock market in six years during 2019, results were split among Chattanooga's publicly traded companies last year with half gaining in value but the other half ending the year with lower stock prices. The overall gain in 2019 in market value for the local stocks also failed to make up for the collectively market loss of more than $18 billion for those same companies in 2018 as many of Chattanooga's biggest companies have not shared in the sustained bull market on Wall Street in recent years.
In 2019, the biggest market value gain among local stocks came from the region's most valuable company, Mohawk Industries. The Calhoun, Georgia-based floorcovering company added nearly $1.4 billion to its market value as its stock climbed nearly 17% during the year. But that failed to make up for the 57% drop that Mohawk shares suffered in the previous year.
Another local carpet maker, the Dalton, Georgia-based Dixie Group, was the biggest price gainer in the market among local stocks in 2019, rising nearly 61% during 2019. But those gains still left Dixie's stock price at the end of 2019 only about one third the price of where it was two years ago.
Astec Industries, which also fell nearly in half in 2018, rebounded in 2019 with a healthy 39% gain in stock value.
The hardest hit company among Chattanooga's publicly traded stocks in 2019 was CBL Properties, which continued to suffer from the decline in brick-and-mortar retailing. The value of the shopping center company fell 66% in 2018 and declined by another 45% in 2019.
How local stocks fared in 2019:
* Dixie Group rose 60.6% to close at $1.14 per share.
* Astec Industries rose 39.1% to close at $42 per share.
* Miller Industries rose 37.5% to $37.13 per share.
* Mohawk Industries rose 16.6% to $136.38 per share.
* Unum fell 0.8% to $29.16 per share.
* U.S. Xpress fell 10.3% to $5.03 per share.
* Covenant Transport fell 32.7% to $12.93 per share.
* CBL Properties fell 45.3% to close at $1.05 per share.