OnTheMarket sees shares freeze after 10% price drop

OnTheMarket share tradings were but under two Price Monitoring Extensions (PME) which temporarily froze the transactions because of erratic movements detected.

The PMEs happened at the end of trading yesterday just a few minutes apart. 

The freezes happen when algorithms are triggered as share movements exceed agreed percentages; in each case there was a trading suspension of five minutes to allow earlier trades to be checked and verified.

OnTheMarket’s shares suffered a sharp drop yesterday - they closed at around 100p, down over 10 per cent on the day.

This follows a volatile few weeks; as recently as April 16 shares were trading at 125p.

Similar ‘freezing’ mechanisms temporarily stopped trading in Countrywide shares on two recent occasions. Countrywide itself closed at yet another new low yesterday - 6.0p.

Meanwhile OnTheMarket has announced that its TV advertisements return the next Bank Holiday Monday in what an executive at the portal calls a campaign too “build awareness and usage.”

Read more here

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