Shares in Blacks Leisure (BSLA.L) fall 6 percent after the outdoor goods retailer is cut to "sell" from "hold" by broker Altium Securities. Blacks last week reported a like-for-like sales fall of 1.8 percent in the first 19 weeks of its fiscal year, having been dragged down in recent months by its loss-making boardwear division, which it is in the process of exiting.

Blacks Leisure Group

"No matter how sensible its quick exit from boardwear appears strategically and financially in the longer term, based on the pricing of some recent deals, it raises the spectre of near-term dilution," says Altium analyst David Stoddart, who now expects Blacks to post a full-year loss of 8.1 million pounds compared to a previously forecast loss of 7.9 million pounds.