NEW YORK (Reuters) – Millions of Florida residents evacuated to higher ground after Hurricane Idalia, an “extremely dangerous” Category 3 storm, made landfall on Wednesday at the state’s Gulf Coast.
Idalia was forecast to unleash destructive winds and torrential downpours that will cause coastal flooding up to 16 feet (5 m) deep.
Most of Florida’s 21 million residents, and many in the adjacent states of Georgia and South Carolina, were under hurricane warnings and other storm-related advisories.
Here is a list of stocks and sectors that could be impacted by the storm:
POWER
Idalia has so far caused more than 140,000 homes and businesses to lose power in Florida. An early news briefing by Florida Governor Ron DeSantis was interrupted for a few seconds by a power cut.
Shares of NextEra Energy, which owns the Florida Power & Light Company, the state’s largest utility, was little changed at $67.51.
Duke Energy said on Tuesday it mobilized over 5,000 responders as it prepared for power outages. Duke’s stock was up 0.5% at $90.70 early Wednesday.
Generac Holdings, which tends to rise ahead of major storms as investors bet on increased demand for the company’s home standby generators, was off 1.8% at $118.99. Its stock had risen in the five prior sessions.
ENERGY
Oil producer Chevron said on Tuesday it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan planned to shut a petroleum pipeline, as the energy companies braced for Idalia.
Chevron shares edged up 0.7% early Wednesday, while Kinder Morgan also inched up 0.7%.
INSURERS
Home and property insurance firms are likely to see claims rise as Idalia sweeps through the state, and the region.
Shares of insurers in the crosshairs are Universal Insurance Holdings, up 0.9%, and Allstate Corporation and American International Group were both up about 1% each.
RETAILERS / BUILDING MATERIALS SUPPLIERS
As homeowners look to repair and rebuild in Idalia’s aftermath, home improvement retailers and construction supplies firms may see an uptick in demand.
Home Depot was up 0.6%, while Lowe’s Companies was up 0.8%.
Owens Corning’s shares were flat and Beacon Roofing Supply’s stock gained 0.5% on the session.
(Reporting by Chibuike Oguh in New York; editing by Lance Tupper and Marguerita Choy)
