“We have just finished one of the...

“We have just finished one of the strongest quarters in stock market history, with secondary stocks leading the way,” said Irving Katz, director of research for Mason, Hunt & Co. “The NASDAQ Composite Index climbed 29% during the first quarter of 1991, eclipsing all previous records set during a single quarter.”

The Dow Jones Industrial Average only managed a 10.6% gain, but the Standard & Poor’s 500 gained 13.6%.

“Since many San Diego stocks are of a secondary nature, they managed larger percentage gains than any of the mentioned averages,” Katz said. “The principal reason appears to be their depressed prices in December following year-end, tax-loss selling.”

The largest percentage gainer, though admittedly from a small base, was Immune Response, which moved from $2.875 to close the quarter at $7.625 for a 165% gain. The company, which went public at $7, is attempting to develop an AIDS vaccine. The stock also moved up in conjunction with a general biotech stock rally, Katz said.

Mitek Systems reported a 150% gain, moving from $.75 to $1.825. It was followed by Infrasonics, up 91%; MediMail and Titan Corp., each up 86%; Xytronyx, up 79% and GTI Corp., up 75%.

Intermark, Gensia Pharmaceuticals, National Health Laboratories and MarrowTech were each up 60% or more. Gaining 50% or more were Cubic Corp., Biomagnetic Technologies and Beeba’s Creations. Forty percent gainers were PS Group, Burnham Pacific Properties, DH Technologies, Magma Power, Mail Boxes Etc., Symtek Systems and Wavetek.

The larger capitalization stocks moved with the major averages. Price Co. gained 19.1%.

On the down side, San Diego Gas & Electric was down 2.2% as the prospects for its merger with Southern California Edison turned cooler, Katz said. Mycogen was a major casualty, down 10.3%.