Shipping stocks continued their steady march upward last week but a string of outperforming broader market indices came to an end.
The 29 New York-listed stocks under coverage of investment bank Jefferies registered a 1.1% gain, with about half moving up.
But this fell well short of the 6.2% surge in the S&P 500 and a 5.4% rise in the small-cap Russell 2000 index, which both staged a rebound after surging oil prices moderated and the market gained clarity on the US Federal Reserve bank’s decision to hike interest rates one-quarter point.
