Spreadex Market Update
FTSE climbs back above 6700; ARM Holdings (and microchip sector as a whole) surges on Softbank bid
The FTSE rose another half a percent after the bell, leaving the index back above the 6700 level it spent much of last week flirting with. The pound has similarly seen little movement from last week’s highs; against the dollar sterling is back just above $1.325, while the currency is hovering a tad below €1.20 against the euro. The Eurozone indices were a bit perkier, the DAX and CAC both jumping just shy of 1%, leaving the former at yet another fresh post-Brexit result high.
Neither the UK nor the Eurozone has a lot going on this Monday, meaning the fallout of the failed coup in Turkey will likely dominate discussion as the morning goes on. And, of course, the continued reaction to the Brexit (now over 3 weeks ago) will play some part in the market’s movements, even if it isn’t quite at the top of the agenda.
Arguably the biggest bit of news this morning was came from the M&A arena, somewhere that has been fairly quiet since the pre- and post-Brexit reaction. Japan’s Softbank has announced it is buying Britain’s ARM Holdings for £24.3 billion, sending the latter’s stock price nearly 48% higher to £17.22, just higher than the former’s £17 per share offer. The bid may ease the concerns of those that had feared Britain had become a no-go area in terms of acquisitions, and has given a significant boost to ARM’s smaller rivals, the likes of Imagination Technologies jumping 11.5% in the aftermath of the announcement.
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