Dismal day for Countrywide investors as shares sink to another new low

Shares in Countrywide, the UK’s largest estate agency, sunk to another new low yesterday, closing at 115.5p, some 4.5% down.

According to the London Stock Exchange the shares started the day at 119p and rose briefly to 120p before their downward descent.

Foxtons shares yesterday continued to trade at around their 70p low.

Purplebricks shares initially went higher but finished 4.3% down at 379p.

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4 Comments

  1. Hillofwad71

    Yes indeed,all very sad .There is no floor here.The group looks very much as it is is going to disassemble .Credit Suisse downgraded to undeperform, target price at 111p .Those institutional investors who joined the bus in March stumping up £37m  at 175p have already seen this plummet by 33%  .Bought into Platt’s corpoblarney .

    Still a huge lump of debt siting there and  unfortunately no Zoopla shares to sell to mitigate. The market  has  already turned its nose up at Lambert  Smith Hampton She is  fast running out of options  Financial services could be easily sold but dont bite off  the hand that  feeds you

    Time now for the  Chairman to finally stick his head above the parapet and try and instill some confidence and hope

     

    The market   is clearly disenchanted with  the CEO’s “platitudes”

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  2. Philosopher2467

    The share price appears to be rapidly approaching levels that are commensurate with the performance of the organisation. I hear that there is a reversal in the method of management however, I suspect too late having lost too many people that can do the job as opposed to the sycophants that have ridden the rollercoaster to oblivion and current malaise. Could it be that Mrs P remains in the absence of anyone else wanting the job? The thing is reversible as long as the correct leadership is assembled and resources made available. I just don’t believe anyone at CWD with any form of control can see how to save it. Break up looking inevitable?

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  3. Hillofwad71

    Maybe the  chairman ought to take a leaf out of Clement Atlee’ s book of “people  restructuring” In Platt’s corpospeak and  invite her  into his office


    . On one occasion, he summoned a junior minister to No. 10, where the young man expected to be congratulated on the success of his department.
    As he sat down, Attlee broke the bad news that he was being sacked. The minister was staggered. ‘But why, Prime Minister?’ he gasped.
    ‘Afraid you’re not up to it,’ Attlee said  –  and that was that

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  4. smile please

    Seems pretty apt for Countrywide this morning.

    https://www.youtube.com/watch?v=McCDWYgVyps

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