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Agency and property shares stabilise after early Brexit panic

Agency and other property shares that have been buffetted in the past two trading days have now stabilised - in most cases making small gains after the large falls suffered since Friday, suggesting the initial Brexit panic may be easing.

At one point on Monday Countrywide was down by around 55 points, or 20 per cent; hybrid agency Purplebricks was down as much as 25 points, or over 15 per cent; and Foxtons ended the day down 30.5 points or 22.6 per cent after issuing a profits warning.

Yesterday, however, saw only minor volatility with most firms holding their own or narrowly improving.

Estates agency Savills, for example, ended up 4.47 per cent at 608.00; LSL Property Services rose 5.0 per cent to end at 225.00.

Foxtons made a tiny rally of 0.96 per cent to close at 105.50. Countrywide ended with no change over the day, at 250.0. 

Purplebricks, a significant loser on Monday, regained a little of its composure and closed up 0.50 per cent at 129.00.

Portals Zoopla and Rightmove also rebounded a little - ZPG was up 8.2 per cent to close at 264.00 while Rightmove ended up 8.4 per cent after rising 3,648.00.

Some housebuilders, which had also suffered major losses earlier this week, closed narrowly up.


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