Severn Trent Plc Shares Drop After Citi Cut as UK Water Stock Rally Hits a Test
Severn Trent shares fell 2.2% to 3,196 pence Friday after Citigroup downgraded the stock, following a sector rally the previous day. United Utilities also weakened after Citi’s move, despite confirming it raised about £800 million for infrastructure. Severn Trent’s market value stood at £9.63 billion. The FTSE 100 slipped 0.1% to 10,363.93 amid thin trading.