On Tuesday we covered news from Portugal that Sporting’s share price went up 5.96% during that day’s trading.
Jornal de Negócios, a business news website, spoke to trader Gualter Pacheco, who told them: “Really, if we look at the liquidity, very few shares were traded. But if we consider the appreciation of the title, it’s a strong rise.
“The main cause is the possible sale of Bruno Fernandes which, to happen for the high values that have been disclosed, would be very positive for the company accounts.”
Only 319 shares were traded, way below the daily average.
However, things have changed today. The same outlet reports a 12.58% rise in the share price over the past two days, and a lot more have been traded. Wednesday saw 10,629 shares change hands, compared to the six month average of 876 shares a day.
Jornal de Negócios again point out this is motivated by the potential Bruno Fernandes to Manchester United transfer.
It’s thought that Sporting receiving what would almost certainly be their record transfer fee would be very positive for the company’s accounts, and is therefore leading to a greater demand for shares.
Of course, this on its own doesn’t mean anything regarding the transfer, just that it’s likely some investors believe it’s happening and are buying shares accordingly.
Given today’s rise was so big, this news is spreading around the Portuguese media quickly.
