STOCKS NEWS EUROPE-Punch Taverns up; Numis upbeat

Shares in Punch Taverns (PUB.L) gain 4.4 percent as Numis repeats its "buy" rating following an analyst meeting with the British pubs company on Thursday, saying it sees positive catalysts going into 2010.

Numis says it sees revenues and margins improving helped by better weather, a shift in sales mix, lower utility costs and higher staff productivity.

The broker says announcements on debt reduction in late-August and November should be a driver for the shares, while a possible doubling in disposals of pubs will leave a better quality business and a stronger cash flow.

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