'Shares to slump as England crash out of World Cup'

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Research examining the link between the FTSE 100 index and England football results shows how, on average, it falls the day after a defeat or a draw and rises if the team wins.

Academics from the universities of Bangor, Leeds and Newcastle examined returns from the Footsie the day after 290 England international football games between 1984 and last year. They found the largest gains and falls happened after games in international tournaments.

The effect of international sporting results on stock markets was well documented and often attributed to the psychological effects of the result, researchers said.

Professor Robert Hudson, from Newcastle University Business School, said: "Stockbrokers, like everyone else, can be carried away in the depression associated with an England loss at the World Cup."

Dr John Ashton, from Bangor University Business School, said: "If England are eliminated from the World Cup early, it may be a good day to look for bargains on the stock market".

An early England exit in South Africa could also have negative business effects on the alcohol, media, leisure and sportswear industries, the report added.