Shares of Japan’s conglomerate SoftBank Group jumped more than 8% on Monday. Interestingly, shares of SoftBank jumped around 9% following an announcement that the firm made the decision to sell chip designer Arm to Nvidia.
Importantly, Nvidia agreed to buy the chip designer from the U.K. in a deal worth $40 billion. The companies announced this deal on Sunday. It is worth noting that, the deal will be a mix of $21.5 billion in Nvidia stock as well as $12 billion in cash, including $2 billion payable at signing.
Interestingly, this announcement helped to boost the shares of major chip firms in the region. For example, shares of SK Hynix in South Korea added 2.04%. Also, Samsung Electronics added 2.37%. Moreover, shares of Taiwan Semiconductor Manufacturing Company also advanced 1.03%.
Investors are closely monitoring the situation in Japan. The successor to Prime Minister Shinzo Abe was announced on Monday. Yoshihide Suga will become Japan’s next prime minister. He won a ruling Liberal Democratic Party leadership election on Monday. Last month, the country’s long-serving Prime Minister decided to leave his post.
As can be seen from the information stated above, shares of SoftBank Group soared on Monday.
Let’s have a look at the stocks in Asia. Stocks in the Asia Pacific saw gains on the day, as investors analyzed the information regarding the SoftBank-Nvidia deal.
Interestingly, South Korea’s Kospi index added 1.3% on the day to 2’427.91.
In Japan, the Nikkei 225 gained 0.65% to close at 23’559.30. At the same time, the Topix index advanced 0.88% to end its trading day at 1’651.10.
Mainland Chinese stocks strengthened their positions on Monday. The Shanghai Composite added 0.57% to about 3’278.81. Also, the Shenzhen Component gained 0.611% to around 13’021.99.
Hong Kong’s Hang Seng index advanced 0.77% as of its final hour of trading.
Australia’s S&P/ASX 200 gained about 0.68% to 5’899.50.
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