Shares in London slipped in morning trading.
IC TIP UPDATES:
Veterinary group CVS (CVSG) continues to fall this morning after yesterday’s meltdown. The AGM statement - which highlighted slower like-for-like sales growth and a difficulty in recruitment - did not go down well with shareholders. The shares closed down 22 per cent, wiping off all the gains made in the last year. We think this is an enormous overreaction. CVS continues to acquire at pace, has the financial firepower to fund those acquisitions and is in the midst of expanding its geographic reach. This is a prime example of an expensive, high quality company being hit hard by a minor set back and we think it presents another buying opportunity.