STOCKS NEWS EUROPE-Spirax-Sarco gains on "solid" update

Shares in Spirax-Sarco Engineering (SPX.L) gain 1.7 percent after the firm issues a trading update which Numis Securities describes as solid, with the broker repeating its "add" rating on the stock.

The company, which makes products such as pumps and boilers for processes using steam, says its sales decline has stabilised and it is confident about future prospects. [ID:nL9238317]

"We remain fundamentally positive on Spirax as it provides excellent through-cycle returns and offers defensive growth coupled with a strong balance sheet," Numis says in a note.

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