ABN AMRO looks to utility shares

Corne Zandbergen, manager of ABN AMRO’s Utilities fund, said their performance was likely to be given a healthy boost thanks to the recently flurry of M&A activity. He described it as the best performing sector in developed markets to date, ahead of telecommunications services. In addition, he pointed out utility shares were enjoying high valuations and he expected these to soar further. Factors such as the International Energy Agency expecting global electricity consumption to have doubled between 2003 and 2030, provided added scope for this acceleration, he said. Already the M...