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STOCKS NEWS EUROPE-UK water companies rise; HSBC upgrades

Wed Oct 7, 2009 7:01am EDT

Stocks

   

Shares in UK water companies Pennon Group (PNN.L), Severn Trent (SVT.L) and Northumbrian Water (NWG.L) rise between 0.6 and 2.5 percent on upgrades from HSBC.

"Underleveraged companies can increase gearing to stave off dividend cuts," it says in a note.

It says the sector has underperformed and upgrades Pennon to "overweight" from "neutral" and both Northumbrian and Severn to "neutral" from "underweight". Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net


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