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.
While the utilities ETF was steady and the broader market gained, there were some losers in the utilities sector.
The utilities sector fared better on April 22. Compared to 38 on the previous day, only 15 stocks declined. The following were the top gainers:
- Covanta Holdings (CVA): CVA was the biggest loser of the day with a 2% drop. The stock closed at $21.54 with a market capitalization of $2.9 billion. The company is different from other conventional utilities, as it focuses on generating energy from waste. The company reported its 1Q15 earnings yesterday and reported wider losses and lower EBITDA.
- NRG Energy (NRG): NRG lost 1.6% to end the day at $25.07 with a market capitalization of $8.5 billion.
- Edison International (EIX): One of the top losers on April 21, EIX continued to drop. The stock dropped 0.8% to $60.1 with a market capitalization of $19.6 billion.
- ITC Holdings (ITC): ITC was the biggest loser on April 21. The stock extended its losses by dropping 0.6% on April 22. The stock closed at $35.62 with a market capitalization of $5.5 billion.