Business

Hart Capital Inland Northwest Index posts gain

The Hart Capital Inland Northwest Index posted a 6.3 percent gain during the second quarter, propelled by Avista Corp., Clearwater Paper and Hecla Mining.

The chart tracks the stock prices of 12 publicly traded companies based in the Inland Northwest. The number shrank from 14 in the first quarter after Sterling Financial Corp. was acquired by Umpqua Bank and after Sandpoint retailer Coldwater Creek closed in bankruptcy.

During the second quarter, the S&P 500 grew 4.7 percent. Over the past 12 months the Inland Northwest Index has increased 20 percent, versus an increase of 22 percent for the S&P 500.

The index is tracked by Spokane-based financial management company Hart Capital Management to draw attention to regional companies, said President Craig Hart. The company does not offer the index as an investment option.

The company’s second chart, the Hart Capital Inland Northwest Composite, tracks the total equity value of the 12 companies.

During the second quarter, the composite declined $1.6 billion, to $8.7 billion. That drop is due primarily to the removal of Sterling and Coldwater Creek. Excluding those two companies, the composite grew 7.2 percent or by $582.6 million, according to Hart.

Seven companies in the index saw stock-price gains in the first six months of the year: Avista (18.9 percent), Clearwater Paper (17.6 percent); Hecla Mining (12 percent); Washington Trust Bank (3.4 percent); Intermountain Community Bancorp (3.4 percent); Idaho Independent Bank (2.7 percent); and Northwest Bancorporation (0.7 percent).

Those whose stock prices fell were: Red Lion Hotels (-9.4 percent); Key Tronic (-4.9 percent); Itron Inc. (-2.1 percent); Ambassadors Group (-0.9 percent); and Potlatch (-0.8 percent).

The index is based on a starting value of 100 starting from Dec. 31, 2002.



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