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Industrials

Sony announces first-ever share buyback, stock rises 5 pct

TOKYO, Feb 8 (Reuters) - Sony Corp announced on Friday a share buyback of 100 billion yen ($910 million) - its first ever aimed at boosting shareholder returns - sending the Japanese electronics and entertainment company’s shares up more than 5 percent.

Sony said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock.

The announcement comes a day after SoftBank Group Corp’s shares jumped 17 percent after the Japanese tech investment giant unveiled a record share buyback. ($1 = 109.7700 yen) (Reporting by Makiko Yamazaki Editing by Chang-Ran Kim)

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