GGRAsia – Crane NXT helps push April AGEM Index up 13pct y-o-y

Crane NXT helps push April AGEM Index up 13pct y-o-y

May 09, 2023 Newsdesk Industry Talk, Latest News

The AGEM Index tracking the stock prices of casino equipment suppliers increased by 25.71 points in April, to 971.52, up 2.7 percent month-on-month.

Compared to one year ago, the index was up 109.10 points, or 12.7 percent. During the latest month, six of the 12 AGEM Index companies reported stock price increases.

The Association of Gaming Equipment Manufacturers (AGEM) produces the monthly AGEM Index. Nine of the 12 suppliers tracked, are based in the U.S., and listed there. Two suppliers trade on the Australian Securities Exchange and one does so via Japan.

The largest positive contribution to the monthly index was from Crane NXT Co, with its 20.1 percent increase in stock price leading to a 12.39-point gain for the index.

Crane NXT Co completed its separation from Crane Holdings Co and launched as an independent publicly-traded company on April 3. The listed stock price prior to that date is a pro forma calculated estimate, stated the AGEM Index’s compiler.

Konami Holdings Corp, which in the casino gaming equipment segment operates outside Japan via Konami Australia Pty Ltd, and U.S.-based Konami Gaming Inc, saw its stock price increase by 10.2 percent, leading to a 11.16-point gain for the index.

The largest negative contribution to the index was sourced to Everi Holdings Inc. Its 11.4-percent decrease in stock price resulted in a 3.54-point loss for the AGEM Index.

All three major United States stock indices saw month-on-month increases for the second consecutive period in April. The Dow Jones Industrial Average increased by 2.5 percent from March, while the S&P 500 grew by 1.5 percent. The Nasdaq increased by 0.04 percent from the prior period.

The index is computed based on the month-end stock price, adjusted for dividends and splits, of each company and weighted based on approximation of market capitalisation.

The AGEM Index and overview is prepared by Applied Analysis, a Nevada-based advisory services firm.