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MICHIGAN EQUITY 100 STOCK INDEX RECEIVES AN 'A' GRADE FOR 1992

 DETROIT, Jan. 7 /PRNewswire/ -- Final grades are in, and they show that Michigan stocks experienced healthy gains in 1992, outperforming the Standard and Poor's 500 for the first time since 1988. As a result, Michigan stocks earned an "A" grade for 1992.
 The Michigan Equity 100 Stock Index compiled by Comerica Bank rose 16.5 percent in 1992, easily outdistancing a 4.5 percent gain for the S&P 500. Not only was 1992 the first time in four years that the Michigan Stock Index surpassed the S&P 500, but it marked Michigan's largest margin of victory over the S&P 500 since 1982.
 Among the 100 stocks in the Michigan Equity 100 Index, advancing issues outnumbered declines by a healthy 4-to-1 ratio. The strongest gains were among cyclical stocks, led not surprisingly by the Big Three automakers, auto suppliers, and heavy industry companies.
 The Big Three averaged 79 percent gains in 1992, while suppliers and heavy industry stocks averaged 48 percent and 58 percent gains, respectively. In fact, of the top 10 individual stocks in 1992, eight were from these sectors. Financial stocks, led by Michigan's commercial banks, were the next best performing industry, up an average 28 percent for the year.
 For the second consecutive year, secondary stocks enjoyed healthy gains. Michigan's small and medium size companies had average stock price gains of 28 percent in 1992, a strong follow up to 1991 average gains of 45 percent.
 The strong performance of the Michigan Equity 100 Stock Index continues to foreshadow a growing economy in 1993. In 1992, Comerica Bank's Michigan Business Activity Index is estimated to have risen 6 percent, its best performance since 1984. Based on favorable gains for the Michigan Stock Index through year end, the Michigan economy is expected to rise 4 to 5 percent in 1993.
 MICHIGAN EQUITY 100 TOP TWENTY PERFORMERS IN 1992
 Stock Price Stock Price Percent
 Company 12/31/91 12/31/92 change
 Durakon Inds. Inc. $3.94 $13.00 230.12
 Champion Enterprises 3.25 10.50 223.08
 Chrysler Corporation 11.75 32.00 172.34
 Kysor Industrial 7.00 18.25 160.71
 Masco Industries 4.75 11.50 142.11
 Ameriwood Ind. Int. 10.00 21.00 110.00
 X-Rite Inc. 13.13 26.50 101.90
 Douglas & Lomason 11.67 22.75 95.02
 Gelman Sciences 6.50 12.50 92.31
 National-Standard 1.63 3.13 92.31
 Gantos Inc. 7.75 14.13 82.26
 Donnelly Corp. 9.50 16.88 77.63
 First Fed. Mich. Corp. 13.38 23.13 72.90
 McClain Industries 2.75 4.63 68.18
 Great Lakes Bancorp 8.08 13.50 67.05
 Trimas Corp. 17.50 29.00 65.71
 Gentex Corp. 13.00 21.25 63.46
 Maxco Inc. 2.50 4.06 62.52
 Interface Systems 3.25 5.25 61.54
 Newcor Inc. 9.00 14.50 61.11
 MICHIGAN EQUITY 100 YEAR 1992 PERFORMANCE BY INDUSTRY
 Industry No. of Companies Avg. Pct. Change
 Auto Production 3 78.82
 Auto Supply 19 48.03
 Heavy Industry 12 58.12
 Consumer Goods 11 7.40
 Energy 10 13.33
 Technology 15 14.70
 Finance 12 27.70
 Retail 10 7.27
 Health 8 4.58
 -0- 1/7/93
 /CONTACT: David G. Sowerby, vice president & economist, Comerica Bank, 313-222-4829/
 (CMA)


CO: Comerica Bank ST: Michigan IN: FIN SU: ECO

DH -- DE008 -- 2570 01/07/93 10:18 EST
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