Shares of water utilities reacted positively April 2 after Federal Reserve Chairman Ben Bernanke forecasted America's investment banks will not be as hurt by the global credit crisis as fallen investment bank Bear Stearns, The Associated Press reported.
This is good news for cautious investors and the markets in general. Even in the face of economic obstacles, water utilities are generally seen as safe investments because their product and service is necessary for all consumers.
During intraday trading, shares of Consolidated Water Co., Ltd. gained 11 cents to $23.26. Shares of Aqua America, Inc. increased 30 cents to $19.62. Shares of American States Water Co. rose 31 cents to $36.98. Shares of SJW Corp. grew 24 cents to $29.49.
Shares fell for Middlesex Water Co., which lost 23 cents to $18.10, and Pennichuck Corp., which lost 18 cents to $22.05.
Source: The Associated Press
