May
18
Topix Nears Seven-Year High on Japan Buybacks, Profit Forecasts
ByJapanese stocks rose, led by insurers, as prospects for more buybacks and stronger-than-expected earnings boosted shares.
Dai-ichi Life Insurance Co. surged 11 percent after saying it will repurchase shares and net income will rise more than expected. Mitsubishi UFJ Financial Group Inc. was the biggest boost to the Topix index after profit reached a record and the bank announced a 100 billion yen ($837 million) share buyback. Sumitomo Electric Industries Ltd. jumped 7.6 percent as it projected a bigger-than-expected dividend. Takeda Pharmaceutical Co. dropped 2.6 percent after its profit forecast was below analyst estimates…
Topix Nears Seven-Year High on Japan Buybacks, Profit Forecasts
