Fenerbahce Soars Second Day After Champions League Clearance
Stock Chart for Fenerbahce Futbol AS (FENER)
Fenerbahce Sportif Hizmetler Sanayi & Ticaret AS (FENER), the listed arm of Istanbul soccer club Fenerbahce, soared for a second day after the team said June 22 it had been cleared to play in Europe’s Champions League Tournament.
The shares jumped 10.3 percent to 54.25 liras at 5 p.m. in Istanbul, extending their gain over the last five days to 30 percent. The volume of shares traded was more than five times the stock’s three-month average. Turkey’s benchmark ISE National Index fell 1.4 percent, the first time in five days.
The clearance is “for the time being” and pending a final decision from UEFA’s Control & Disciplinary Body, which is investigating charges that Fenerbahce officials and players were involved in match fixing, according to a statement from the team on June 22.
Participation in the tournament could translate into about 40 million euros ($50 million) of additional revenue for Fenerbahce “should it succeed in preliminary rounds,” Istanbul-based brokerage Tera Brokers said in a report to clients today.
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