Rightmove Shares Fall Sharply in Thursday Trade

Rightmove (LON: RMV), the online property listings platform, saw its shares fall over 3% to 450.3p in London today. The stock had traded between 441p and 466.5p during the session.

Rightmove sits in the Communication Services sector, within the Internet Content & Information industry, and carries a market capitalisation of around £3.62bn. That places it comfortably within the FTSE 350, the index of the UK’s 350 largest listed companies by market value, where today’s move made it one of the more prominent decliners of the session.

The fall marked the third-largest move on the FTSE 350 index today. Turnover so far stood at 1,466,388 shares, well below the stock’s average volume of 3,869,947, meaning the decline came on lighter than usual trading, at roughly a third of the stock’s typical level.

How unusual this is

A 5.71% intraday drop ranked as the third-largest move across the FTSE 350 in today’s session. It came on volume of roughly a third of Rightmove’s average level, a combination not typically seen with the heavier turnover that often marks a large single-day move. With up to 126 sessions of recent trading history and 321 sessions of data available for comparison, today’s swing stands out against the stock’s usual daily pattern.

For readers watching the shares, a sharp intraday move on comparatively light volume is a different pattern from one driven by heavy turnover, and the session is still open, so the figures reflect where the stock stood at 1.11pm rather than a final outcome for the day.

The shares had traded as high as 466.5p earlier in the session before falling to a low of 441.1p, with the stock quoted at 441.29p by 1.11pm. Trading remains ongoing, and the figures above reflect the session so far rather than a final close.