December 18, 2018 / 10:42 AM / 3 months ago

Manchester United shares rally as Mourinho gets red card

FILE PHOTO: Soccer Football - Premier League - Liverpool v Manchester United - Anfield, Liverpool, Britain - December 16, 2018 Manchester United manager Jose Mourinho reacts REUTERS/Phil Noble/File Photo

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 (MANU.K) 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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