Foxtons shares continued to tumble to all-time lows yesterday, finishing the day 3% down at 44.75p.

The shares had been moving gently, if almost imperceptibly, upwards, but in the afternoon it was announced that Select Equity Group had reduced its stake in the company from 9.9% to 1.4%.

The London-focused agent now has a market capitalisation of around £127m.

However, after trading closed yesterday, it was announced that Russell Investments Group Ltd had upped its stake from 3.86% to 6.44%, which could affect market sentiment today.

On Wednesday, the Capital Group Companies Inc in Los Angeles notified the company it had increased its holding from 4.9% to 6.5%.

Foxtons is due to announce its interim results for the six months ended June 30 on July 30.