STOCKS NEWS EUROPE-Alexon falls after update

Shares in Alexon (AXN.L) fall 9.5 percent after the fashion retailer posts a further fall in sales and margins in its latest trading period, blaming poor consumer confidence, with Seymour Pierce cutting its rating on the stock to "sell" from "hold".

Alexon, which trades as Eastex, Dash, Minuet, Ann Harvey, Kaliko and Alex & Co, says like-for-like sales fell 10.5 percent in the 17 weeks to June 13, and it expects an "intensively competitive" retail environment to continue for the foreseeable future. [ID:nLH141602]

"On the basis of this statement we anticipate a downward revision to our numbers, taking the group into losses for the current year," says Seymour Pierce in a note.

The broker adds the stock has had a good run, rising from 15 pence to 55 pence over the last quarter, and now, in light of the update, "looks overvalued".

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