Sony stock jumps after first-ever share buyback announcement [Reuters (UK)]
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Source: Reuters
Sony stock jumps after first-ever share buyback announcement | Reuters 4 Min Read TOKYO (Reuters) - Sony Corp announced its first-ever major share buyback on Friday, worth 100 billion yen ($910 million), helping its stock recover from a hammering days earlier when investors freaked over lacklustre earnings. The announcement marked Japan’s second major buyback this week after tech investor SoftBank Group Corp scheduled the repurchase of 600 billion yen in shares using proceeds from the IPO of its telecoms unit, sending its stock price soaring. Japanese firms have been increasing buybacks as investors call for higher returns in a country not known for showering its shareholders in riches. The government has also chimed in, hoping higher returns will attract more foreign money to Japan. The amount of buybacks announced by listed companies has jumped around 2.5 times over the past five years, according to financial data service firm I-N Information Systems. In the past week, buyback annou
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