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US Utilities Sector: Stock Market Update for Week Ended July 17

Utilities sector gains

Of the 41 utilities stocks we track, 30 gained during the week ended July 17. The Utilities Select Sector SPDR ETF (XLU) ended at $43.35 on July 17, a 0.9% gain over the closing price on July 10. During the same period, the SPDR S&P 500 ETF (SPY) gained 2.4%.

A positive Greek deal cheered markets globally. At the same time, dovish comments by Fed officials pushed mid-to-long-term bond yields down, benefiting utilities. The Iran deal pushed oil prices lower, giving markets lower inflation expectations.

While short-term treasury yields increased, yields on mid-to-long-term treasury securities dropped 1 to 12 bps (basis points). Utilities, a capital-intensive sector, have been a major beneficiary of low interest rates.

Top gainers

Teco Energy (TE), based in Tampa, Florida, was the biggest gainer during the week ended July 17. TE stock gained 15.4% to end the week at $21.28 with a $5.0 billion market capitalization. The company announced that it was looking for strategic options, including a possible sale.

ITC Holdings (ITC), based in Novi, Michigan, gained 2.7% to end the week at $34.06 with a market capitalization of $5.3 billion.

Dynegy Inc. (DYN) in Houston, Texas, gained 2.3% to end the week at $29.37 with a market capitalization of $3.8 billion.

Exelon (EXC) in Chicago, Illinois, also gained 2.3% to end the week at $33.49 with a market capitalization of $28.8 billion.
Top losers

Duke Energy (DUK), based in Charlotte, North Carolina, lost 1.1% to end the week at $73.57 with a market capitalization of $50.9 billion. Duke Energy is the largest power company in the United States.

El Paso Electric (EE) in El Paso, Texas, lost a percent to end at $36.08 with a market capitalization of $1.5 billion.

source: http://marketrealist.com