December 18, 2018 / 10:51 AM / a month ago

Manchester United shares rally as Mourinho gets red card

Soccer Football - Champions League - Manchester United Press Conference - Mestalla, Valencia, Spain - December 11, 2018 Manchester United manager Jose Mourinho during the press conference Action Images via Reuters/Peter Cziborra

LONDON (Reuters) - Manchester United shares climbed after the Premier League soccer club sacked manager Jose Mourinho, an indication investors welcomed the move after a dismal start to the season.

Manchester United’s New York-listed shares were up 4.2 percent by 1500 GMT, their first gain in a week, and had traded 20 percent of their average daily volume in just 45 minutes.

Mourinho’s relationship with Manchester United reached the point of irretrievable breakdown a long time ago but the club finally served the divorce papers on Tuesday following one humiliation too many.

The stock’s Frankfurt listing - which is secondary, and less widely traded - had climbed 1.4 percent earlier in low volumes after extending gains following the news.

Reporting by Helen Reid; editing by Josephine Mason

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