Ferrari shares turbo-charged by Soros stake announcement

[MILAN] Ferrari shares received a massive boost on the Milan stock exchange Wednesday after financier George Soros said he had acquired a stake in the luxury car maker.

Ferrari shares closed 10.4 per cent higher at 34.45 euros.

In a statement filed with US Securities and Exchange Commission, Soros said his fund owned 850,000 Ferrari shares at the end of last year, representing 0.45 per cent in the car maker and worth US$40.8 million.

Legendary carmaker Ferrari completed its spinoff from Fiat Chrysler Automobiles with a debut on the Milan stock exchange in January, at 43 euros per share.

Investors have since dumped its shares after being spooked by its debt and disappointed with the 2016 outlook.

On Wall Street, where Ferrari has been listed since October, its shares finished up 9.7 per cent at US$39.10.

AFP