Shares in Topps Tiles slips

Shares in Topps Tiles fall 2.9 percent as WH Ireland downgrades the flooring retailer to 'market perform' from 'buy' citing the recent strong rally in the stock.

The shares are up more than 20 percent on a month ago, helped by a positive trading update.

WH Ireland says in a note that the recent sales trends are encouraging, and the broker continues to believe that 'Topps remains a good quality cyclical recovery play'.

But it adds: 'Given the recent mortgage approval data and inherent link to the wider ceramic tile market, combined with the overall outlook for consumer spending, we believe the shares are presently trading at fair value.'

It cuts the rating to while maintaining its price target of 62 pence.

Source : Reuters