An enormous jump in OnTheMarket’s share price yesterday sent it leaping nearly 17.5% – an increase of 19p.
The shares finished the day at 128p, valuing the company at £69m.
While some way from their high on February 22 of 168p and still adrift of the planned launch price (on February 9) of 165p, it is a significant pick-up from 108p on April 2.
The reasons for yesterday’s rise are not clear, and other estate agency-related share prices showed little movement.
OnTheMarket trades in a low-volume market, meaning that it takes relatively few trades for the share price to rise or fall.
However, yesterday’s rise could mean that investors are warming to the idea of a newcomer taking on Rightmove and Zoopla.