NEW YORK, Aug 28 (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.
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 climbed 1.5 percent to $151.95 in trading before the market’s open, while peer Lowe’s Companies gained 1.9 percent to $74.75. Investors expected both companies to benefit from rebuilding efforts in the region. Power generator manufacturer Generac 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)