Ferrari shares at record high after sensational Hamilton signing

NEW YORK CITY: Formula 1 world champion Lewis Hamilton's defection from Mercedes to Ferrari has driven the Italian team's share price to a record high, reported dpa news.

The shares of the Italian luxury car manufacturer rose to a record US$389.45 by the close of trading on New York's Wall Street on Thursday evening, up more than 12 per cent on Wednesday.

The group's positive outlook also contributed to a generally strong share price recently. However, the prospect of Hamilton in the red racing car from 2025 onwards was the supercharger behind Thursday's high.

Seven-time world champion Hamilton is leaving the Mercedes team at the end of this season and will drive for Ferrari on a long-term basis from next year.

The switch was announced on Thursday evening. The 39-year-old Briton's team-mate will be Charles Leclerc from Monaco.

--BERNAMA-dpa

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