The FIN Fastener Stock Index rode the twin forces of lower inflation and expanded manufacturing to solid growth in the opening quarter of 2024.

The FINdex rose 14.7% in Q1, more than doubling the 7.1% gain achieved by an index of related industrial stocks.

Four of the 13 companies tracked by the FINdex achieved significant share gains, including Tree Island Steel (+29.5%); Howmet Aerospace (+26.4%); Grainger (+22.8%); and Fastenal (+19.1%).

Fastener companies losing share value during the quarter included MSC Industrial (-4.1%) and Simpson Mfg. (-0.1%), which cooled off after blistering growth of 123% in 2023.

After declining 11.5% in 2022, the FINdex roared back in 2023, growing 44.3% in value compared to an 18.3% gain by an index of related industrial stocks in a rocky economic year that eventually produced a recovery in U.S. industrial fastener demand.