Bear Stearns index down 0.46% in most recent week, up 1.08% year to date

New York, Jan. 11 - The Bear Stearns High Yield Index ended its positive start to the year, losing 0.46% in the week to Jan. 17 although it is still in the black year to date with a return of 1.08%. The previous two weeks, the index had recorded a positive return.

In the most recent week the index tracked 1,439 issues, up from 1,434 the previous week. The total market value fell to $315.099 billion from $315.757 billion previously.

The index's yield to worst rose seven basis points to 12.56% from 12.49% seven days earlier and the spread to worst moved out eight basis points to 830 basis points from 822 basis points previously.

Despite the overall decline, only four of the 11 broad industry groups making up the index actually registered losses in the week.

However those losses were substantial in one case, telecommunications. That sector dropped 5.81% in the week for a year-to-date return of negative 2.33%, making it the only group to have a decline so far this year.

The other sectors declining were basic materials, finance (only barely, with a slip of just 0.01%) and utilities, the latter off 1.75%.

The best performing broad sector for the week was transportation, which added 1.02% for a year-to-date return of 2.41%.

However technology is the leading group for the year through Jan. 17 with a 3.14% return after adding 0.45% in the most recent week.

Among narrow industry sub-sectors, broadband access and internet services is continuing the new year as it finished 2001 - at the bottom. In the most recent week it lost 11.40%, bringing the year-to-date decline to 16.73%. For both time periods, it was the worst performer for the second week in a row.

Top gainer for the week was insurance, which returned 2.53%, bringing its year-to-date performance to 1.67%.

Year to date, however, satellites are still on top, with a 0.26% rise in the week to Jan. 17 bringing their return so far this year to 15.87%.

© 2015 Prospect News.
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