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Shares in Purplebricks rocket to new high after ‘record month’ tweet

fIXFLO news story

Shares in Purplebricks went meteoric yesterday. They shot up at one stage by 11.25% to more than double their launch price.

The firm tweeted at around 10am: “January has been a record breaking month for valuations & instructions, so if there’s a right time to start to your property search, it’s now.” Between noon and 1pm, the shares broke through the £2 barrier.

At peak yesterday its shares hit 201.37p, later subsiding slightly to finish the day at 191.6, up 12p.

Yesterday’s share price record came almost a year to the day that the shares plunged to a low of 84.5p on January 29, 2016.

Purplebricks launched on the stock market just over a month earlier, in December 2015, at £1.

Purplebricks’ current market capitalisation of £443.6m is considerably more than the UK’s largest agent, Countrywide, which is currently capitalised at £378.56m, and Foxtons which is worth £254.47m.

Yesterday shares in Countrywide tiptoed down 0.5p, and have now fallen 51% in the last year. They finished at 175.25p.

Shares in Foxtons also had a muted day yesterday, level pegging at around 93.75p. They are trading close to their low, reached this month on January 11, of 86.75p.

Rightmove, whose market capitalisation of £3.62bn leaves others trailing in its wake, saw its shares nudge downwards 15p after brokers at Citigroup downgraded the stock to a ‘sell’.

The drop meant that the shares finished at 3,913p, compared with a high of 4,416p last October. The shares hit a low of 3,159p last July in the wake of the Leave vote.

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Source:: Shares in Purplebricks rocket to new high after ‘record month’ tweet