Sharp up on news 5,000 more staff to go

Sharp shares rose to their highest level in a year in Tokyo trading yesterday, after reports it will extend job cuts by 5,000 and reshuffle management as the unprofitable electronics maker seeks to end losses.

The shares jumped 6.4 per cent to 450 yen, at the close of trade, the highest level since May 1 last year. The stock has risen by 40 per cent over the past five trading days.

Japan's benchmark Nikkei 225 Index climbed 2.9 per cent yesterday as a weaker yen boosted the outlook for exporters.

via Business feed http://www.scmp.com/business/companies/article/1234933/sharp-news-5000-more-staff-go