STOCKS NEWS EUROPE-WSP falls after update

Shares in WSP Group (WSPG.L) shed more than 2 percent after the building and environmental consultancy issues a trading update, which Altium Securities says contains no real glimmers of positivity.

The group says trading since July 1 continues to be in line with its expectations, as it says market conditions remain very challenging with difficult trading conditions in most markets in the private sector. [ID:nBNG399574]

"We are likely to slightly reduce our forecasts for FY 2009 which are currently towards the upper end of the range, as translational currency benefits do not seem to be offsetting trading pressures to the extent we had predicted," Altium says in a note.

However, the broker says its sub-consensus FY 2010 estimates remain unchanged, and it repeats its "buy" rating on the firm, based on the attractive and well-covered dividend yield and its discount to other heavily internationalised consultants peers.

Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net