Purplebricks share price climbs after 11 per cent tumble last week

 
Helen Cahill
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There has been some confusion over Purplebricks' rapid share price movements

Purplebricks' share price has climbed over five per cent this morning after a tweet sent it tumbling last week.

Last Thursday, the online estate agent's share price jumped 11.5 per cent when the company sent a tweet boasting about its "record-breaking" valuations and instructions in January.

But as the company received so many calls asking why its stock had rocketed, it thought it should release a statement to calm things down. On Friday, Purplebricks said its was "not aware of any reason" for its dramatic share price movement.

Read more: This is why Purplebricks' share price is up 20 per cent

This, however, prompted another hasty reaction from investors, and the share price slumped by seven per cent within an hour of the statement.

This morning, Purplebricks released yet another statement to try and address the situation, saying it is in "its strongest position ever".

Purplebricks added:

The board confirms that, as expected with the start to the calendar year, the company has seen record monthly valuations and instructions activity in January (as mentioned in a tweet by the company on 26 January).

As expectations are for trading to show year-on-year instruction growth, the record level of valuations and instructions in January is in line with such expectations.

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