[ 2014-04-23 ]

Moyes Sacked: Man Utd shares rise
Manchester United’s share price rose to its
highest in 11 months today as the club announced
the departure of manager David Moyes.

Opening at $17.90, the share price soon rose to
$18.00 and stayed strong throughout the first hour
of trading on the New York Stock Exchange.

Market traders in the US awoke to the news that
David Moyes had left the club, to be replaced by
club veteran Ryan Giggs until Manchester United
had secured a long-term appointment.

On Monday, as news first emerged that the club
were planning to sack their manager, Manchester
United’s share price dropped sharply as the
stock exchange opened, but soon recovered to
finish the day on a strong $17.72.

That initially leaped up to $18.00 as the NYSE
opened today, and share prices are now at their
highest level since May 2013, when Alex Ferguson
stepped down as manager.

Prices fluctuated gently but remained stable
throughout the first hour of trading, with Man
United’s share price at $17.97 after 60 minutes,
up 1.41% on the previous day’s close of play.


After 90 minutes, it had reached $18.10, and after
105 minutes had hit a whopping $18.15.
But it didn’t stop there, after two hours shares
were selling for $18.33. And 30 minutes later,
they had leaped up once again, to $18.60.
With shares selling at this price, the value of
the club on the NYSE was over $3billion, an
increase of a staggering $100million since the day
before, when Moyes was still manager.
Top Manchester United transfer target Toni Kroos
is valued at US$50million (£30million), just half
of the increase in the club’s value during the
first two hours of market trading after David
Moyes’ departure.
The last time Manchester United’s share price
closed above $18.00 was on May 10, 2013 ($18.02),
shortly after Sir Alex Ferguson announced his
retirement.

Source - Citifmonline

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