Why is Sumitomo stock climbing today?
Sumitomo Corp. stock experienced a 3.1% increase, reaching ¥1,841 on Thursday, following a Bloomberg report suggesting Berkshire Hathaway may boost its ownership in the company and its trading house peers. The report, citing Itochu Chairperson Masahiro Okafuji's comments, indicated Berkshire's intention to maintain its stakes in Japan's top five trading houses and possibly increase them.
Okafuji's remarks echo similar statements made by Berkshire CEO Greg Abel earlier this month, who revealed the hedge fund's plan to raise its stakes in the five companies, collectively known as Japan's sogo shosha. Berkshire currently holds between 9% and 11% stakes in these firms. Among the five, Sumitomo was the top performer on Thursday, surging 3.3%.
The other companies, Mitsubishi Corp, Mitsui, Itochu, and Marubeni, saw gains ranging from 0.5% to 2.5%.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
