Dec. 12 (Bloomberg) -- Osaka Securities Exchange Co., due next month to complete a tie-up with Tokyo Stock Exchange Group Inc., jumped after a regulator approved the merged company’s Jan. 4 listing on the first section of the Tokyo bourse.
Shares of Osaka Securities listed on the Jasdaq surged as much as 19 percent before closing up 7.7 percent at 407,000 yen, the highest level since Aug. 23. The exchanges announced the listing plan on Oct. 29, and the Financial Services Agency yesterday delivered the procedural ruling.
“It’s hard to explain the move based on fundamentals,” said Hiroshi Torii, a Tokyo-based analyst at Deutsche Bank AG. “I’ve heard some talk about index funds’ buying ahead of the exchange’s entry to the Topix, but it’s hard to believe that would have this much impact.”
Osaka Securities surged 10 percent, the most in more than three years, on Dec. 4 after saying options transactions in November were the highest on record. The shares have lost 8 percent since Aug. 22, when the Tokyo Stock Exchange succeeded in its tender offer for the smaller bourse.
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