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STOCKS NEWS EUROPE-Rightmove down on home search report

Thu Dec 3, 2009 5:37am EST

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Shares in British property website Rightmove (RMV.L) fall 9.6 percent to a three-month low after the Financial Times reports that Google (GOOG.O) is considering entering the UK online property market.

The newspaper says Google, which launched a property portal in Australia in August, plans to enter the UK market in 2010. Rightmove currently dominates the sector, accounting for four out of five searches on the top four sites.

Analysts at Numis say Google's move would be an attempt to drive traffic through its site, but it does not believe it poses a material threat to Rightmove.

"Rightmove has proven effective at defending its market position against Globix/NewsCorp, Prime Location/DMGT and Tesco," they say in a note.

Reuters messaging rm://paul.sandle.reuters.com@reuters.net


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