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Sporting victories often act as a powerful boost to risk appetite, as a ‘feelgood factor’ comes into play. The phenomenon has been noted before, with earlier (and more comprehensive) studies noting that there was a clear correlation between football World Cups and periods of better performance in the stock market (see Sport Sentiment and Stock Returns, 2005).
English fans may not wish to be reminded of the Australians’ long period of cricket dominance, but there have been only three occasions when England has been victorious on their home turf since 1984, when the FTSE 100 came into existence.
However, what is comforting is the performance of the stock market in the wake of an England victory. The average rise in the FTSE 100 after England takes home the smallest trophy in world sport is 17.75%. The graph below shows the gain in 1985, 2005 and 2009.