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Share price of OnTheMarket leaps over 17% in one day – with no obvious reason

Land Insight to 17 April NS

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.

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Source:: Share price of OnTheMarket leaps over 17% in one day – with no obvious reason