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Shares in Japan’s Asahi Glass rose to the highest level in nearly six years on Wednesday after the company raised its forecast for net income and announced a share buyback.

The glass manufacturer on Tuesday had announced after market close that it was raising its net income forecast for the 2017 financial year to ¥66bn and upping its forecast for sales to ¥1.32tn, as well as planning a share buyback of up to 15 million shares for as much as ¥10bn.

Those moves came alongside results for the quarter ended December that brought full-year revenue to ¥1.28tn – just above a median estimate from analysts – and net income to ¥47.4bn, handily beating expectations of ¥36.7bn.

That has prompted shares to shoot up as much as 9.3 per cent in Wednesday trade to their the highest intraday level since March 9, 2011. The stock has since pared back gains, if only slightly, to a rise of 8.4 per cent at ¥902 per share.

Tokyo’s broad Topix index is up just 0.2 per cent in the afternoon.

Copyright The Financial Times Limited 2017. All rights reserved.
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