Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Breaking News

S&P 500, Dow Close at Record to End Bullish Week of Earnings on High

SoftBank shares hit historic high as online backers celebrate

Stock MarketsFeb 16, 2021 01:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo

By Sam Nussey

TOKYO (Reuters) - SoftBank Group Corp shares closed at a record high on Tuesday, surpassing a peak reached at the height of the dot-com bubble, as online backers celebrated the recovery in the value of the firm's tech portfolio.

Shares in SoftBank, a heavily weighted component of the Nikkei 225 index which is trading at 30-year highs, closed up 4% at 10,420 yen, above the record 10,111 yen reached in February 2000.

Underpinned by buybacks and with retail investors buying its shares and baseball-themed junk bonds, SoftBank's shares have been supported by a growing number of portfolio companies listing in ebullient markets.

The Japanese conglomerate's comeback, during which its shares have climbed almost 300% from lows hit last March as the COVID-19 pandemic roiled its portfolio, have led to celebration among its online backers.

"Roses are red, violets are blue, SoftBank haters, don't know what to do," wrote one prominent supporter on Twitter recently posting under the name "Masa Capital".

"SoftBank will reach 11,000 yen by April," wrote another on Tuesday. The group's shares hit an intraday high of 11,000 yen in February 2000 before crashing.

Chief Executive Masayoshi Son's own social media posts are centred on aphorisms, favouring quarterly presentations over Twitter to transmit his message, in contrast to the memes that have made Tesla (NASDAQ:TSLA) CEO Elon Musk a retail investor favourite.

SoftBank's climbing share price has pushed its market cap above $200 billion, in marked contrast to a year earlier when it slipped behind Sony Corp (T:6758) to third place in the index.

In the latest effort by a SoftBank-backed firm to tap markets seeing record equity raising, South Korean e-commerce firm Coupang last week filed to list in the United States and is aiming for a $50 billion valuation, a source said.

SoftBank shares hit historic high as online backers celebrate
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email