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Utilities Buck Broader Market Trend to Finish Higher -- Utilities Roundup

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07/11/2018 | 11:19pm CEST

The utilities sector, which is considered a defensive play because of its hefty dividend payments, was the only group trading higher Wednesday. The chief executive of Puerto Rico's bankrupt electric monopoly is resigning after less than four months on the job, a disruption to the utility's leadership as it struggles to rebuild a shaky power grid and tackle a $9 billion debt load. Industry veteran Walter Higgins, who was appointed in March to lead the Puerto Rico Electric Power Authority, known as Prepa, resigned his position effective July 14, citing personal reasons and pushback from Puerto Rico politicians about his compensation, according to people familiar with the matter.

Amy Pessetto, [email protected]

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