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TODAY'S OTHER NEWS

Foxtons recovery as it bats off sales slump

Shares in Foxtons start the week at 244 after staging a dramatic stock market recovery following a poor set of figures.

The London agency’s share value rose by over 2.0 per cent on Friday following a 7.4 per cent rise on Wednesday, at a time when many thought the company would receive a drubbing from investors following release of figures showing a 21.4 per cent drop in pre-tax profits in the first half of this year, from £23.1m to £18.1m.

Only a week ago the FT Markets Data service was saying that the consensus forecast amongst seven polled investment analysts covering Foxtons was to merely ‘hold’ shares. 

But Canaccord Genuity and Numis Securities have both reiterated earlier ‘Buy’ ratings - the latter, in a note to investors at the end of last week, pointing to what it believed was a potential upside of 21 per cent from the company’s then-share price. 

Not everyone is confident the agency - which has had a see-saw share price since floating almost two years ago - will continue to bounce back, however. 

Stockbroker advisory service Peel Hunt has a ‘Sell’ recommendation, commenting that Foxtons’ lettings service - which has performed strongly during the difficult sales period - now had more risks. 

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