Bear Stearns index up 0.65% in most recent week, ahead 2.70% year to date

New York, April 12 - The Bear Stearns High Yield Index was back on its upward track in the most recent week, adding 0.65% for a total return year to date of 2.70%.

The resumption of gains followed a detour the previous week when the index lost 0.12% as Adelphia Communications Corp.'s difficulties helped pull down performance. Prior to that, the index had recorded five consecutive weeks of positive numbers.

During the week to April 11, the index's yield to worst dropped 9 basis points to 11.68% from 11.77% the week before. The spread to worst, however, widened one basis point to 710 basis points from 709 basis points.

Overall the index included 1,404 issues with a market value of $315.013 billion, both up from 1,402 issues and a market value of $311.296 billion the week before.

Of the index's 11 broad sectors, all except telecommunications rose in the week to April 11.

The best performer was utilities, which gained 2.77%, cutting its year-to-date loss to 1.01%. The previous week's top sector, finance, added 1.06% in the most recent seven-day period.

On a year-to-date basis, the leading sector of the 11 is transportation, which is up 10.04% after rising 0.08% in the most recent week.

Telecommunications lost 0.62% in the week, ensuring it also remains the worst performing sector year to date with a 15.41% decline. Dragged lower by Adelphia's troubles, media had been the bottom sector the previous week, dropping 1.00%; it made up some of those losses with a 0.67% rise in the most recent period.

Among the narrow sub-sectors into which Bear Stearns divides the index, the top performer in the week to April 11 was diversified programmers, which shot up 17.08% - although since they comprise just 0.02% of the total index their winning streak had little broader impact. This group is now up 1.77% year to date. Metals was the previous week's top performer.

Going down, telecom's ESMR and PCS component was weakest with a loss of 2.83% for a year-to-date return of -12.88%.

Year to date, satellites continues as the best performing sector with an 18.94% gain after rising 0.51% in the most recent week.

At the other end of the spectrum, long distance remains the worst sub-sector with a loss of 29.89% for 2002 so far, even after a rise of 7.08% in the most recent week.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.