Based on the below fundamental analysis and technical analysis (breakout of resistance) the idea is to go long
Good news for property owners from the Halifax Index meant investor confidence grew in the market.
Shares in property portal Rightmove (RMV.L) surged on Friday as investors looked past a fall in half-year revenue and instead focused on signs the housing market was coming back to life.
The half-year report showed revenue declined by 34% to £94.8m in the first six months of the year. Operating profit dropped 43% to £61.7m ($81m).
However, the stock jumped over 7% as chief executive Peter Brooks-Johnson flagged “record levels” of activity in the housing market since it reopened in mid-May.
Good news for property owners from the Halifax Index meant investor confidence grew in the market.
Shares in property portal Rightmove (RMV.L) surged on Friday as investors looked past a fall in half-year revenue and instead focused on signs the housing market was coming back to life.
The half-year report showed revenue declined by 34% to £94.8m in the first six months of the year. Operating profit dropped 43% to £61.7m ($81m).
However, the stock jumped over 7% as chief executive Peter Brooks-Johnson flagged “record levels” of activity in the housing market since it reopened in mid-May.