July 24, 2021

Facts and arguments: Ronaldo did not cause Coca-Cola stock market devaluation

A news that originated in Spain and was widely disseminated in Portugal, and throughout Europe, reported the fact that Cristiano Ronaldo had caused huge stock losses in the giant Coca-Cola with his gesture at the press conference before the game with Hungary.

Remember that the captain of the National Team did not like to see two bottles of the American brand on the table, he moved them away from the image and told people to drink water.

According to the news, this gesture by Ronaldo would have caused a 1.6 percent drop in the value of the brand’s shares, which corresponds to a devaluation of four billion dollars.

O More football he went to see, with the help of Filipe Garcia, an analyst at the IMF, the evolution of the value of Coca Cola shares throughout the day yesterday and realized that it is completely wrong to associate Ronaldo’s gesture with the fall in shares. Not least because the devaluation that is being talked about came way back.

First of all, it is necessary to realize that Cristiano Ronaldo’s gesture was at 14.43 hours. The New York Stock Exchange, where Coca-Cola is listed, opened shortly before, at 2.30 pm in Portugal. At that time, in fact, it already opened in fall, with a value much lower than the closing on Friday.

The stock closed at $56.1 on Friday, opened at about $55.7 on Tuesday and a few minutes later was worth $55.4.

As can be seen in the graph below, at 2.45 pm in Portugal they were already worth only around $55.3.

Refinitive Chart

In the minutes of Ronaldo’s gesture, in fact, the variation is practically inexpressive, with the title basically being maintained in line with the values ​​at the time of the Portuguese gesture.

The big drop had been earlier, at the beginning of the session, before Ronaldo entered the press room, and, in addition, from 7.30 pm onwards, stocks even have a slight recovery.

Refinitive Chart

Therefore, it is incorrect to associate Cristiano Ronaldo’s gesture at the press conference with Coca-Cola’s stock market drop, even if not very expressive, during yesterday.

“Nevertheless, it must be admitted that the gesture had media repercussion outside the Iberian sphere in the financial community. Hence, drawing conclusions about the behavior of the company’s stock market, especially yesterday, is impossible», completes Filipe Garcia.