Home improvement retailers rise in premarket trading after Harvey

[August 28, 2017]  By Chuck Mikolajczak

NEW YORK (Reuters) - Shares of U.S. home improvement retailers rose in premarket trading on Monday as Tropical Storm Harvey was set to dump more rain on Houston, Texas, intensifying flooding for the fourth-largest U.S. city.

The logo of Down Jones Industrial Average stock market index listed company Home Depot is seen in Encinitas, California, U.S. April 4, 2016. REUTERS/Mike Blake/File Photo

Harvey, the most powerful hurricane to hit Texas in more than 50 years, first hit land late on Friday and has killed at least two people. It has since hovered around Texas' Gulf Coast, where it is forecast to remain for several more days.

Shares of Home Depot <HD.N> climbed 1.5 percent to $151.95 in trading before the market's open, while peer Lowe's Companies <LOW.N> gained 1.9 percent to $74.75. Investors expected both companies to benefit from rebuilding efforts in the region. Power generator manufacturer Generac <GNRC.N> edged up 0.9 percent to $38.95.

Other companies expected to be impacted include those in the insurance sector, auto manufacturers and oil refiners.

(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)

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