Ticker RMV

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As of 04:11 21 Feb 2019
Market cap. Pound sterling
4,266.42 million
As of 04:11 21 Feb 2019

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Rightmove to slip out of the FTSE 100

Getty Images

Property website Rightmove looks set to be booted out of the FTSE 100 index this week after suffering from a stalling housing market and increased competition.

Rightmove is among candidates to be relegated from the blue chip index when the FTSE Russell EMEA Committee confirms the results of its quarterly review, according to The Share Centre.

Since hitting an all-time high in June, the stock has fallen 7% due to fears over the health of the property market and pressure from rivals such as Zoopla and Purplebricks.

Reckitt Benckiser tops FTSE 100 risers

Reckitt Benckiser products

The FTSE 100 has extended gains and is now 0.54% ahead at 7,704.73.

Consumer products giant Reckitt Benckiser continues to lead the risers, with its share price up 7.4% at £67.84 after lifting its full-year guidance on sales.

It is followed by BT Group which released first quarter figures earlier this morning and its share price is now up 3.8% at 233.6p.

A company whose results don't seem to have gone down well with investors is Rightmove, the online estate agency. After reporting interim figures, its share price is the biggest blue chip faller, down 3% at £49.33.

The FTSE 250 has recovered from earlier falls and is now up 0.27% at 20,824.34.

Rightmove boosted by 'spending switch to digital platforms'

Estate agent signs

Online property portal Rightmove has capitalised on the fact that the estate agency industry is continuing to switch from print to online, reckons Steve Clayton, manager of Hargreaves Lansdown's select UK growth shares fund.

"Estate agency as an industry is changing fast, with online agents taking market share," he said.

"Spending continues to switch away from traditional print channels towards digital platforms and Rightmove’s pole position in the market leaves it well placed to benefit."

More than 45% of Rightmove's agent customers are now paying more than £1,000 a month to Rightmove, and many of them are also using the company's analytical tools and premium display options, he said.

Rightmove on a high with record customer numbers

Pretty houses

Online real estate Rightmove has reported positive full-year figures for 2017, thanks to an increase in rentals and people buying homes.

It said revenues rose 11% to £243.3m in 2017, compared to £220m in the previous year.

Underlying operating profit climbed 11% to £184.4m, compared to £166.2m in 2016.

It said it saw record customer numbers in 2017, up 2% to 20,427.

One million UK residential properties were advertised on Rightmove in 2017, and site traffic grew 4% to more than 125 million visits per month, it said.