Purplebricks shares jump by £45m in one day

first_imgPurplebricks shares rose by 4.32% or £45.8 million yesterday during trading on London’s AIM, valuing the hybrid estate agency at £1.11 billion.At the end of trading, Purplebricks shares price stood at £4.10p, nearly four times its price in mid-November last year and the highest it has been to date – a year ago they were trading at just £1.37p each.This means the company, which recently launched a new tranche of ‘commisery’ TV adverts, is now valued at nearly three times the market capitalisation of Countrywide, and almost as much as Savills although it still has some way to go before it reaches ZPG (£1.63 billion) or Righmove (£4 billion).Belvoir Lettings also saw its share price rise yesterday, by 2.34% to £1.06p but Countrywide’s share price dropped by nearly 3%.Encouraging resultsPurplebricks’ most recent trading statement on the 4th may saw its share price rise by 2% on the back of good news from its UK operation including instruction growth of 83%, and “encouraging” results from its fledgling Australian operation.At the time leading investment advice website Motley Fool pondered whether its then share price of £3.22p could ever reach £4, surmising that “Purplebricks could quite conceivably achieve this price based on optimism alone”, a prediction that has come to pass.The optimism around Purplebricks shares in the city might be linked to a recent report by leading proptech consultant James Dearsley, who as we revealed last week, believes the hybrid agent is a threat to the dominance of Rightmove and could soon be significant online rival.Purplebricks shares June 1, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Purplebricks shares jump by £45m in one day previous nextAgencies & PeoplePurplebricks shares jump by £45m in one dayShares in the hybrid agent rise unexpectedly while shares in most other property PLCs – including Countrywide – drop.Nigel Lewis1st June 201701,489 Viewslast_img read more