The Bottom Line – Manchester United share price climbs as speculation of sale rises
June 22, 2023
This month’s index continues to show volatility between different categories and names. In sports, the surprise Saudi-PGA deal on golf has heightened speculation about which sports could be next to benefit from the investment of Middle East money in particular. That helped Formula One. In a related story, the speculation that the Qataris are still in the bidding for Manchester United and have a strong chance of winning helped boost its share price. Yet it was not all positive. Borussia Dortmund’s share price tanked as it failed to win the Bundesliga on the final day, which was then compounded by the sale of Jude Bellingham.
The major US Tech giants continue to do well and so seven companies – all in Tech – have contributed virtually all of the increase in the S&P 500 US index. That is likely to continue as investors seek safe harbours. Netflix benefited from this general trend but also hopes its password crackdown will help its subscriber numbers and profitability.
Apparel stocks also did well with Adidas continuing to benefit from better than expected results and reducing investor concerns over the Yeezy issue. The stocks generally are also likely to benefit from the perception they are recession proof.
Text by Ian Whittaker, Twice City AM Analyst of the Year
