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Gainers in the Utilities Sector on April 22

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Nov. 20 2020, Updated 3:43 p.m. ET

Utilities sector remains stable

After falling by 0.9% on April 21, the Utilities Select Sector SPDR ETF (XLU) posted marginal gains of 0.2% on Wednesday, April 22. The ETF closed at $44.45 on April 22 with a market capitalization of $6.5 billion. The broad based SPDR S&P 500 (SPY) gained 0.5% to close at $210.63 with a market capitalization of $179.3 billion.

Some housing indicators like home price index and existing home sales came in stronger than expected, raising the treasury yields across maturities. A stronger economy will prompt the Fed to raise the interest rate sooner. Utilities stocks are highly sensitive to interest rate moves due to their capital-intensive nature. In spite of the rise in yields, the sector remained stable.

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Top gainers

  • AES (AES): Based in Arlington, Virginia, AES extended gains from the previous day by clocking another 1.7% gain on April 22. The stock closed at $13.56 with a market capitalization of $9.5 billion.
  • PNM Resources (PNM): Based in Albuquerque, New Mexico, PNM Resources clocked a 1.6% gain on April 22. The stock closed at $27.89 with a market capitalization of $2.2 billion.
  • Public Services Enterprises Group (PEG): Based in Newark, New Jersey, PEG clocked a 1.6% gain to $41.85 with a market capitalization of $21.2 billion.
  • Westar Energy (WE): Kansas-based WE gained 1.4%. The stock closed at $38.28 with a market capitalization of just over $5.0 billion.
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