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SoftBank shares reach highest level since 2000 on recovery hopes

Sentiment brightens on buybacks and IPO for insurance startup Lemonade

SoftBank Group CEO Masayoshi Son: Investors in the technology conglomerate have been cheered by Son's vow to buy back a huge slice of the company's stock. (Photo by Yuki Kohara)  

TOKYO -- Shares in SoftBank Group soared to a 20-year high on Tuesday, buoyed by the Japanese technology group's share buybacks and a strong initial public offering by Lemonade, one of its U.S. startup investments.

SoftBank shares jumped 272 points, or 4.6%, to close at 6,190 yen in Tokyo on Tuesday, hitting their highest point since March 2000. The runup has the stock up 30% so far this year. SoftBank has more than doubled since March, when the spread of the novel coronavirus sent global stock markets into a tailspin.

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