Countrywide shares put on over 20% in a day while Foxtons sink to new record low

Shares in beleaguered Countrywide shot up almost 21% in price yesterday.

Rising from a very low base, the shares nevertheless put on nearly 10p during the day, to end at 56.5p.

The price was almost identical to that of Foxtons, whose shares yesterday ended 1.42% down over the day to a record low of 55.7p.

Countrywide recently announced a profits warning and said that it needs to halve its £200m debt owed to six banks.

This morning’s Daily Telegraph says in its market report column that yesterday’s sharp rise in Countrywide’s share price “was  underpinned by swirling merger talk following reports over the weekend linking the struggling estate agency with a tie-up with online rival Emoov”.

OnTheMarket shares yesterday headed 4% downwards, finishing at 156p, despite its upbeat announcement this week that it is now listing over 50% of available properties.

Purplebricks shares ended almost unchanged at 317p, after announcing a doubling of global revenue but a quadrupling of losses – although in the UK it said it made EBITDA of £8.1m.

Rightmove continues to trade at near-record highs, yesterday finishing at £52.24, valuing the company at over £4.7bn.

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2 Comments

  1. whatdoiknow58

    Picture the scene yesterday at Countrywide House. Raised voices are heard coming from the board room – Here we go, Here we go, Here we go!. Question from staff member  – ‘ are you an England supporter then Mr Long? Answer – ‘ No the share price has just gone up by 10p! ‘

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    1. mrtickle

      IT’S COMING HOME.

       

      “What is, daddy?”

       

      Me. With shopping from Sainsburys. No more of that ASDA cr@p for us!

       

      “But how can we afford it daddy?”

       

      Share price went up by 10p!

       

      “To what, daddy?”

       

      11p!!

       

      “Does that mean we can have Christmas again this year, daddy?”

       

      Absolutely, Colin. I’ll buy you a car now you’ve passed your driving test.

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