Ferrari N.V. stocks on the New York Stock Exchange (NYSE) surged by more than 10% following the news that the Formula 1 team is on the verge of signing a contract with Lewis Hamilton. Multiple sources reported that the British driver might join Ferrari, leading to speculation about the team not renewing the contract with current driver Carlos Sainz to make way for Hamilton.

After this revelation, Ferrari N.V.’s shares, the holding company of the Ferrari Group, rose by 10.2% to $381.2 per share. This marks the highest point since its listing in 2015.

In the previous season, Hamilton secured the third position in the individual standings, trailing behind Red Bull drivers Max Verstappen and Sergio Perez. The potential partnership with Hamilton has created significant excitement in the financial markets, driving Ferrari stocks to record highs.

Last updated on 02 Feb 2024 - 18:03

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