In another bruising day on the stock market, Purplebricks shares lost over 14%, taking the value at one point during trading to 101.8p.
The figure is very close to the launch price of £1, and took the market capitalisation of the London listed element to £360m. It once stood at over £1bn.
The shares recovered slightly to end the day 10% down at 107p.
Countrywide shares had another lacklustre day of trading, with the price drifting at around rock bottom, ending the day at just over 6.1p.
Foxtons shares edged slightly down to around 63p, while Savills’ share price barely moved despite an upbeat statement released to coincide with yesterday’s AGM.
In it, Savills said that UK trading had been resilient despite increased political uncertainty – and that there had been “a healthy increase in indicators which are normally a precursor to increased market activity”.
The Property Franchise Group shares were stable at about 164p, despite a vote of confidence on the part of Close Asset Management which has almost doubled its stake from 5.47% to 10.86%.
Bucking all the trends was Belvoir, whose share price has been rising this year from under 90p in January. Yesterday, the shares finished 5.6% up at 121.5p – the highest since November 2016.
The rise prompted suggestions that Belvoir could be seen as an attractive purchase.
Comments (18)
I see Berenberg have now downgraded share value to 80p
Don’t know if anyone was aware but Kane Henessy the National Sales Director of Yopa went last week. No idea how or why.
Getting contagious now!
100 of my finest pennies… here’s the quandary 1x PBricks share or 15x Countrywide shares.. or 5 Fredos hhhmmmm I think I’ll opt for the chocolate
I even feel violated paying £1 for 5 Freddos. They used to be 5p!!
They’re only four for a pound in our local newsagent. It’s the great Freddo conspiracy! Surely Ros should be investigating???
When in stock, Freddos are 10 for a £1 in my local Tuesday market.
Yes… but if you check the dates they are the ones that MrsF used to pay 5p for.
And chocolate doesn’t age well…
This could be a generous prediction:
10p by Xmas or in Administration.
PS OTMP shares are at a dog of a price too……. despite their rubbish TV campaign.
I bet Axel Springer’s investors are delighted with the £125 million pound they invested in PB?
A self inflicted injury.
Hopefully will go the same way as Countrywide.
It is time for strong local independents to raise their game and prevent this from happening again.
Regional faceless agents and corporates have nothing to offer compared to local community minded agents.
It has always been the strong independents that have carried the industry, the very people PB and supporters wish to see disappear. The on-line revolution was an ill thought-out venture to make money, not provide the service which is Estate Agency by people who had no idea what they were doing, just looked good on paper, but as reality has showed …… failed, gone or going into administration, lost meggar £m’s. The winners will be those agents who have weathered the storm. A scandal to have been allowed to happen driven by greed and stockbrokers. The public were never really duped by all the TV hype as can be seen by around 95% staying with the high street.
I’m sure MikeDelPrete will pipe up soon!
To try to salvage his reputation?
You pay upfront for the shares and get **** all back.
At least they are consistent with every aspect of their business plan.
But for the “High Level” departures, who have withdrawn their lot as planned before the market shows a reactive estate agency business for what it is and the wheels fall off.
That said… who an earth understands the stupidity that is the Stock Market, they will probably be about £10 a share later.
‘You pay upfront for the shares and get **** all back.
At least they are consistent with every aspect of their business plan.’
Love it!
Ahhhhhh, commisery…