By Nell Mackenzie
LONDON (Reuters) – World hedge funds offered U.S. electrical and water utilities shares on the quickest tempo in two months whereas shopping for U.S. supplies shares corresponding to chemical compounds, metals and mining in addition to paper and forest shares within the week to Friday, Goldman Sachs mentioned.
U.S. utilities shares are actually among the many most offered U.S. inventory sectors in November, confirmed a observe from Goldman Sachs prime brokerage despatched to traders on Friday and seen by Reuters on Monday.
The Dow Jones Utility Index which tracks a group of U.S. utilities shares rose simply over 3% final week and has risen greater than 20% to this point in 2024.
Most utilities shares together with electrical and water had been offered apart from fuel utilities, mentioned the observe which tracks weekly hedge fund gross sales.
Supplies was essentially the most web purchased U.S. inventory sector on Goldman Sachs’ buying and selling desk final week.
Shopping for spanned the whole inventory sector, led by chemical compounds then metals and mining, in addition to paper and forest merchandise, mentioned the financial institution observe.
An S&P index monitoring U.S. supplies shares rose 1% within the week ending Friday and has risen over 9% to this point in 2024.
Hedge funds have purchased supplies shares in three of the final 4 weeks and the sector is among the many most web purchased in the USA on Goldman Sachs’ prime brokerage desk, mentioned the financial institution.
(Reporting by Nell Mackenzie; Modifying by Dhara Ranasinghe and Emelia Sithole-Matarise)