Countrywide shares drop on Zoopla stake sale

Shares in Countrywide fell on Thursday after the FTSE 250 estate agency group said it has sold its remaining stake in property website Zoopla.

It sold just over 9.2m shares at an average price of £3.17 between 9 August and 21 September, giving gross proceeds of £29.2m.

Countrywide said proceeds from the disposal will be used to reduce corporate indebtedness and for other general corporate purposes.

Zoopla shares have risen 57% over the past year.

At 1420 BST, Countrywide shares were down 3.2% to 219.05p.