A residential developer focused on real estate projects in the North West of England posted a 70%-plus share price rise today – leaving market watchers and the company’s own management team reaching for a reason.
One Heritage Group, which listed on the London market in December, saw its stock surge from 15.5p a share to 26.5p over the course of the session, having risen by as much as 28% during the day. A stock watcher on a web forum described the shares as having “gone mental today”, adding: “What’s happening!?”
One Heritage issued a statement this afternoon in which its board said it was “not aware of any specific reason for this significant increase, nor is it aware of any material developments beyond those previously notified to the market”.
Chief executive Jason Upton said: “We reiterate what we have said before that we continue to experience strong demand for our properties, especially from overseas buyers. We have seen no sign of demand slowing in 2021 and expect to have a strong year for property sales and reservations.”
The company said earlier this month that a third Covid-19 lockdown in the UK was set to put its developments behind schedule but that interest from overseas buyers was still strong.
Also rising were U+I, shares in which were up by 9% to a five-month high of 73%, and Tritax Big Box REIT, up by 5% to an all-time high of 185p.
The FTSE 100 nudged down by 0.2% to finish at 6,720 points. The FTSE 250 posted a 0.1% rise at 20,639.
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