Toshiba Up 17% on Plan to Join Tokyo Exchange’s Top Section
- Japanese tech titan returning to top tier on Jan. 29
- CEO has indicated desire to resume cautious expansion
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Toshiba Corp.’s shares surged the most in three years after the company said it will return to the first section of the Tokyo and Nagoya stock exchanges following an extended absence.
The stock briefly touched its daily upper limit and closed 17% higher at 3,460 yen ($33) in Tokyo on Monday, the biggest gain since summer 2017. The move, set for Jan. 29, means the company’s shares will be added to market indexes so domestic active funds can buy the stock, Atul Goyal, senior analyst at Jefferies, wrote in a report describing it as “inexpensive.”