Car Rental Stocks Rise As Hurricane Florence Makes Landfall
Shares of Hertz Global Holdings rose 2.5%, while Avis Budget Group shares added 1.4%, amid expectations of a sudden demand increase on rentals.
Florence is the first major hurricane expected to hit the eastern U.S. this year, and is predicted to make landfall in North Carolina and South Carolina on Thursday.
Photo via Pxhere.
Car rental companies saw an increase in shares on Monday as Hurricane Florence moves closer to the U.S. east coast, Global News reports.
Shares of Hertz Global Holdings Inc. rose 2.5%, while Avis Budget Group Inc. shares added 1.4%, amid expectations of a sudden demand increase on rentals.
During the 2017 Atlantic hurricane season, shares of Hertz and Avis grew exponentially – with Hertz shares increasing 156.2% between June and early November, and Avis shares growing by 80.1%.
Florence is the first major hurricane expected to hit the eastern U.S. this year, and is predicted to make landfall in North Carolina and South Carolina on Thursday.
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