Over all, the utility share of private construction spending is down to 4.2 percent, the lowest since the government began collecting such figures in 1993.

Utility shares were one of the few groups to buck the down trend yesterday and financial stocks mostly held their own.

These utility shares could be readily converted into cash.

Give me those utility shares of mine, Mann.

On the other hand, utility shares, outstanding defensive performers during the summer, slumped 4.4 percent during the last four weeks.

Indeed, if you can find the next Starbucks, there is no reason to invest in bonds, gold coins, certificates of deposit or utility shares.

When interest rates decline, utility shares typically advance sharply, and during the second quarter the average utility mutual fund gained 11.25 percent.

But only buyers of banking and utility shares seemed to notice, and even bank investors may have been warmed mostly by sunny earnings reports.

The slitted gaze was gluttonish when it turned to the utility shares that Cranston was picking up.

Mirroring the cautious, yield-oriented sentiment of investors, funds that invest in utility shares are stellar performers so far this year.

But what sent Northeast Utilities shares plunging this year was the push to force the utility to cut rates in New Hampshire.

Although it changed its name from the Energy and Utility Shares a decade ago, this equity-income fund apparently hasn't changed its strategy.

According to Copan, AGA's research shows that individuals, rather than institutions, own more than 50 percent of utility shares.

I am sure, Mr. Cranston, that he will advise you to exchange your utility shares for Centralba Oil."

National Grid rose 4pc to the top of the leaderboard as Credit Suisse upgraded energy utility shares to "small overweight" from "underweight."

Many older investors, whose utility shares are balanced only by bonds, could be devastated if interest rates jump back up, which would erode the value of all their holdings.

The utilities are getting ready for a world that will seem very different, not only to themselves but also to their customers and the millions of Americans who own utilities shares.

Stock prices moved higher yesterday, helped by a strong bond market and continued gains in the New York Stock Exchange's financial index and in utility shares.

Private investors will be able to use ShareLink, the execution-only broker, which is offering all-night dealing in FT-SE 100 Index and privatised utility shares.

Many investors switched their attention away from utility shares and toward more aggressive and fast-moving sectors of the stock market, according to Leonard S. Hyman, utility analyst for Merrill Lynch.

But the Energy Secretary, John Wakeham, said 7.3 million people had registered an interest in buying the electric utility shares, second only to the record 7.5 million registrations for British Gas P.L.C.

Dewar a left of centre politician representing one of Glasgow's peripheral housing estates with high levels of deprivation, amassed a personal fortune well in excess of £2,000,000 including public utility shares, antiques and artwork over £400,000.

With steeply rising interest rates, Mr. McManus of Morgan Stanley recommends buying "stocks that act like bonds," utility shares like Unicom, Public Service of Colorado and Illinova, formerly Illinois Power.

Exelon Agrees to Buy Local Utility Shares of Exelon rose after the owner of utilities in northern Illinois and eastern Pennsylvania said that it would buy the Public Service Enterprise Group of New Jersey in a deal valued at about $13.2 billion.