The utilities sector advanced 1.5% at midday Tuesday as Energy World (ASX:EWC) surged, following an agreement to convert debt into equity and the appointment of a new chief executive and interim chair.

The S&P 500 and Nasdaq indices reached record closing highs on Monday, ending the June quarter with double-digit gains.

Energy World, which shares surged over 109%, said it agreed with Energy World International and Slipform Engineering Group to convert about $441 million of debt into equity via the issue of 782.2 million shares at AU$0.88 each. The deal is subject to shareholder approval. It also appointed Edward McCartin as chief executive and Alan Jowell as interim chair, effective July 1.

On the flip side, the communication services sector struggled, inching down 0.2%.

Seven West Media (ASX:SWM) has completed the acquisition of certain television licences and related assets from Southern Cross Media Group (ASX:SXL) for AU$3.8 million. The deal includes assets operating in Tasmania, Darwin, Spencer Gulf, Broken Hill, Mt Isa, and Remote, Central, and Eastern Australia.