Property Portal Stocks are Struggling to Stand Under the Weight of the Coronavirus

March 30, 2020
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Reporting on the human toll of the coronavirus has been detailed and widespread, and another consequence has been its brutal impact globally on economies and businesses.

While many understand large corporations and online portals to have a stronger degree of resiliency, their presumed armor has succumbed to the weight of the virus as well.

Between March 2nd and 30th:

  • U.S. leader Zillow started the month with US$54.62 per share and plummeted to $23.51, and has since crawled back up to a tentative but slowly-sagging $34.31.
  • Across the Atlantic, Rightmove fell from US$16.15 to $9.30 before also trudging up to $12.13 again.
  • Purplebricks hasn't been so lucky, however: a March premiere of US$.85 has steadily made its way to a tanking $.45 as of this writing.
  • Wrapping up the UK's freefall, OnTheMarket also saw its shares halve from GBX 70.50 to 34.35.
  • Back in the Americas, major LatinAm e-commerce player Mercado Libre began the month at US$642 per share, falling to $452 at its worst and settling now at $473.

While other markets may not have felt so much of the burn, aftershocks are undoubtedly still yet to come and government response will continue to determine how far the effects will reach players worldwide.

March 30, 2020

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