Utilities Up Slightly on Cyclical Rotation -- Utilities Roundup
Shares of power-plant operators rose, but not as much as the broader market, as traders swapped sectors favored during economic slowdowns and times of falling interest rates into sectors that benefit from economic growth and higher interest rates. Shares of Brazilian utility Centrais Eletricas Brasileiras SA, or Eletrobras, were up more than 45% after the government said it has plans to reduce its controlling stake in the company. Brazil's Mines and Energy Ministry indicated that the reduction of its 60% stake in the power producer would amount to a privatization. Energy Capital Partners, the private-equity firm leading the multibillion-dollar bid for power-generation company Calpine, built a new cash reserve by selling a stake in itself.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
August 22, 2017 16:45 ET (20:45 GMT)