Stock watchers played down sharp falls in Colliers International’s share price today, blaming “miserable” markets.
After closing at 3.5p yesterday, the share price plummeted to 2.25p at lunchtime, rising slightly to 2.45p at the close. At the beginning of the year shares were worth 19p.
In a statement the firm said: “Colliers knows of no reason beyond the effect of the statements made by DTZ earlier in the week why the share price should have fallen as it has”.
Senior sources close to the firm further played down the fall, pointing to low trading volumes. “The markets are miserable,” one said. “Very few shares have been traded and if you’ve only got sellers, you get marked down.”
On Monday, DTZ’s share price crashed by almost 90%, to 2.44p, on fears that a takeover of the embattled agent would not materialise. They recovered slightly on Tuesday after Australian support services group UGL was named the preferred bidder.
damian.wild@estatesgazette.com
