Mitsubishi’s shares surged to a record high on Wednesday after the Warren Buffett-backed trading house announced a “monster buyback” of $3.4bn.
The Japanese company on Tuesday said it would buy back up to ¥500bn ($3.4bn) in stock, sending shares in Tokyo up by 9.7 per cent to ¥2,782. Mitsubishi’s shares have risen 23.5 per cent so far this year.
Calling it a “monster buyback” that “market participants were not expecting”, Jefferies analyst Thanh Ha Pham said the company had “another ¥500bn excess cash that it could return to shareholders”.
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