Foxtons sees shares fall to a new low

Foxtons’ shares reached a 52-week low on Tuesday at 85p.

The price was also the lowest since Foxtons floated on the London Stock Exchange four years ago.

Yesterday, the shares rose slightly in early trading to 87.5p but finished the day at 85.5p

The shares hit a 12-month high of 123p last November – a long way down from 284p in May 2015.

Foxtons floated on the stock market in September 2013, with shares at 230p.

It became an instant hit with investors, with shares soaring to over 278p that same day, pushing the market capitalisation to £790m.

Today, its market capitalisation is some £235m.

However, it is worth pointing out that unlike many in the sector, Foxtons is profitable and has no debt.

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Written by: Houseladder