What Happened in Utilities Last Week?
Utility stocks were strong
US utility stocks are rising towards their all-time high. The Utilities Select Sector SPDR ETF (XLU), which represents the S&P 500 Utilities Index, rose 0.3% last week (week ending November 3, 2017). Currently, XLU is trading 1% lower than its previous high of $55.91. The SPDR S&P 500 (SPX-INDEX) (SPY) rose 0.3% during the week.
Top utilities like NextEra Energy (NEE), Duke Energy (DUK), Dominion Energy (D), and Southern Company (SO) posted better-than-expected 3Q17 earnings despite unfavorable weather. It might keep utilities stocks stronger going forward.
Interested in FE? Don't miss the next report.
Receive e-mail alerts for new research on FE
Gainers and losers
SCANA (SCG) stock was one of the biggest losers among the S&P 500 Utilities Index last week. It fell 11% during the week. Unwelcome developments continued to hamper SCANA stock following its abandoned nuclear power plant. SCANA’s Chief Executive Kevin Marsh stepped down on October 31, 2017, which caused SCANA stock to fall to a six-year low.
The smallest constituent of the S&P 500 Utilities Index, NRG Energy (NRG) was the top gainer among its peers last week. It rose 9% during this period. NRG Energy’s uptrend was likely due to the company being on track with implementing the transformation plan.