This week’s column focuses on the performance...

This week’s column focuses on the performance of local stocks during the first quarter of 1988. Overall, the first quarter was one of the best in recent times for San Diego stocks, said Irving Katz, director of research at Thomas Green/San Diego Securities.

Most stocks had been overly depressed in the last quarter of 1987 following the October, 1987, meltdown as bids dried up and tax-loss selling continued until year-end. While the Dow Jones Industrial Average, which is made up of 30 blue-chip stocks, was up 2.5% for the first quarter, the broadly based NASDAQ composite of over-the-counter stocks was up 13.4%, and the Value Line composite average was up 13.2%

The first quarter showed that there was still some life in smaller capitalization stocks, a group which would include most local companies. The largest upward moves in the quarter were made by those stocks that had declined the most last year, Katz noted.

Among New York Stock Exchange stocks: Triton Group, up 59.5%; Imperial Corp., up 51.7%; Rohr Industries, up 39.5%; Foodmaker, up 39.1%

Among stocks listed on the American Exchange: IRT Corp., up 69.2%; Guild Mortgage Investments, up 46.9%; Western Health Plans, up 46.7%; Intermark, up 26.5%.

In over-the-counter stocks: Advanced Marketing Services, up 93.3%; Cipher Data Products, up 62.5%; Energy Factors, up 46.5% due to a buy-out; Synbiotics Corp., up 37.5%.

For some of these companies, the upward move was probably related to the absence of last quarter’s tax-selling pressure, rather than earnings’ improvements.

A scattering of San Diego stocks fell during the quarter. These included: Precision Aerotech, down 17.9%; Kaypro, down 25%; Gascard Club, down 75%; Telequest, down 18.2%.