FTSE 100 ascends as ARM surges 43%
On Monday, British shares went up, led by an almost 50% spike in ARM Holding PLC stocks after the chip designer agreed to be bought for about $30 billion.
The FTSE 100 ascended 0.7%, trading at 6,712.54, though mining as well as some property shares lost ground.
On Friday, the index finished 0.2% higher, though travel stocks dipped in the wake of a terrible terrorist attack in Nice, France.
Monday’s session got underway with its 45% soar in stocks of ARM to £17.08. By the way, the stock was recently worth £17, showing a 43% surge.
The Cambridge, Britain-based chip designer, whose customers include Apple Inc. has already agreed to an all-cash acquisition deal approximately valued at about $32 billion. The purchaser is Tokyo-based telecommunications as well as Internet company SoftBank Group Corp.
On Monday, S&P Global told it had raised its rating on ARM in order to hold from sell, and it had lifted its price target on the stocks to £17 each.