American utilities hit by electricity price collapse

American utilities remain unattractive after a combination of disastrous overseas ventures and collapsing wholesale electricity prices have de-rated the sector. Normally viewed as a more defensive area of the market, the S&P 500 Electricity Index has fallen by 29.08% over the calendar year to 8 October, compared to a 30.45% drop in the broader S&P 500. Stock selection has been crucial to playing utilities this year, with only four of the 24 stocks that make up the sub-index posting positive returns, while seven stocks have more than halved in value over the same time. Rob Marsh...