MARKET TALK: Taylor Wimpey Update Shows Dipping Sales

28th Jun 2010 07:50

0650 GMT [Dow Jones] Taylor Wimpey's (TW.LN) trading update shows UK sales rates dipped heading into the UK general election but have strengthened in recent weeks, says Liberum Capital. Adds that pricing in US markets has remained stable, while the sales rate accelerates in Canada. Says the company also witnessed flat units sales in 1H in UK and North America, with prices up 9% in UK and flat in US. Reckons the stock looks cheap on 65% net-asset-value but still has a high level of debt at GBP650M, while noting that cash-flows are still slow. Has a hold rating. Shares closed at 30p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 28, 2010 02:50 ET (06:50 GMT)