Mixed week for utilities
After rising 1.5% the previous week, the Select Sector Utilities Select Sector SPDR Fund (XLU) remained steady, with just a 0.2% gain during the week ending April 10. Treasury yields across maturities increased during the week. And five-year notes were most affected.
Utility stocks are highly sensitive to interest rates. Out of 41 utilities we track, 19 advanced and 22 dropped. During the same period, the broad-based SPDR S&P 500 ETF Trust (SPY) gained 1.7%. SPY is a key ETF that tracks the S&P 500 benchmark index. The iShares Core S&P 500 ETF (IVV) also tracks the S&P 500 Index.
PNM Resources (PNM)
Albuquerque, New Mexico–based PNM Resources (PNM), one of the previous week’s biggest gainers, was the biggest loser in the week ending April 10. The stock lost 2.7% to end the week at $28.59 with a market capitalization of $2.3 billion. The company recorded a 20 cents a share dividend on April 10, which will be paid on May 15.
MGE Energy (MGEE), operating in the state of Wisconsin, lost 2.5% to end the week at $43.49 with a market capitalization of $1.5 billion.
Portland General Electric Company (POR), based in Portland, Oregon, lost 1.6% to end the week at $36.59 with a market capitalization of $2.9 billion.
Northwestern (NWE), operating in the states of South Dakota, Nebraska, and Montana, lost 1.3% to end the week at $53.20 with a market capitalization of $2.5 billion.