Sector movers: Ofwat plan sinks water firms

23rd Jul 2009 15:07

Shares in water companies fell heavily after the water regulator Ofwat outlined proposals on pricing over the next five years that were less generous than they hoped.Ofwat's plans would see the average water bill fall by £14 to £330 before inflation between 2010 and 2015, while leaving leave room for £21bn of investment over the five-year period, Ofwat said.Shares in Severn Trent fell by as much as 8%, with other water companies also posting substantial gains. Ofwat's proposals raise the prospect of water companies not being able to maintain their current dividend policies.Mining stocks are higher, including platinum specialist Lonmin, which saw mining output dip in the April to June quarter, though total tonnes mined for the first nine months of its financial year still remain ahead of the previous year.Top performing sectors so far todayMining 15,577.95 +2.87%Industrial Engineering 2,662.88 +2.77%Oil Equipment Services & Distribution 13,274.28 +1.61%Forestry & Paper 2,563.58 +1.60%Banks 4,142.43 +1.49%Bottom performing sectors so far todayGas, Water & Multiutilities 3,553.72 -2.70%Personal Goods 8,010.29 -1.57%Travel & Leisure 3,355.79 -1.36%Food & Drug Retailers 4,286.55 -1.29%Aerospace and Defence 2,551.72 -1.17%