The Association of Gaming Equipment Manufacturers (AGEM) has announced a 0.6% increase in its AGEM Index for October, reaching 1,936.63 points. This uptick represents a slight improvement, even as most of the listed companies experienced declines in share prices, with only two of the ten companies on the index showing gains compared to September.
On a year-over-year basis, the index experienced a notable increase of 27.6%, translating to a rise of 418.43 points since October of the previous year, according to the statement issued by the association on Wednesday.
The key driver for this positive movement in the index was the Tokyo-listed Konami Group Corp, whose stock price surged 20.6% from September, adding 106.09 points to the AGEM Index.
This growth is attributed to the company’s 22.1% year-on-year revenue increase for the six-month period ending September 30. However, the revenue from Konami’s gaming and systems division, which encompasses their casino equipment sector, fell by nearly 4.5% during the same timeframe.
Another contributor to the index’s increase in October was Nasdaq-listed Agilysys Inc., a provider of business software aimed at the hospitality industry. This company’s stock experienced a month-on-month increase of 19.2%, contributing 19.97 points to the index.
Meanwhile, Aristocrat Leisure Ltd, based in Australia, emerged as the largest negative influence. The stock price of this prominent slots manufacturer dropped 9.6% in October, resulting in a 79.52-point decrease in the index. The association noted that Aristocrat’s stock has declined 13.4% since late August.
In spite of these mixed outcomes among gaming suppliers, the broader U.S. stock market demonstrated positive momentum for the third straight month. In October, the Nasdaq rose by 4.7%, the S&P 500 gained 2.3%, and the Dow Jones Industrial Average climbed by 2.5% when compared to September.
AGEM represents global manufacturers of electronic gaming machines, systems, lotteries, and other related components. The AGEM Index is compiled monthly in collaboration with the Nevada-based advisory firm Applied Analysis.