Sony announces first-ever share buyback, stock rises five percent

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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)