Tokio Marine Holdings announced a stock split and the introduction of a shareholder benefits program, while Terra Drone hit its daily price limit and the Nikkei extended its gains amid moves in U.S. stocks.
The Nikkei Stock Average extended its gains, closing at ¥66,262.16, up ¥405.73 from the previous day. In the U.S. market, the Dow Jones Industrial Average rose for a third straight session, while the Nasdaq Composite also rebounded. In the Tokyo market, trading was initially led by technology stocks, but buying returned in the afternoon session.
The central news was an announcement from Tokio Marine Holdings. The company announced that it would split its shares from 1 to 15 based on a record date at the end of September and introduce a shareholder benefits program. Eligible shareholders will be those who hold at least 100 shares continuously for 3 years as of the end of March. For the first distribution, they will receive electronic money worth ¥7,500, followed thereafter by electronic money worth ¥2,500.
Terra Drone's share price hit its daily limit-up at ¥17,050 (+¥3,000). The company’s domestically developed interceptor drone, Terra B1, passed demonstration testing under the domestic Early Acquisition Program for Interceptor Drones conducted by the Acquisition, Technology & Logistics Agency, and is expected to proceed to mass production.
Among other developments, Osaka Titanium Technologies announced a public offering. Including the issuance of 7 million new shares and an additional secondary offering, the company will raise up to approximately ¥22 billion. The funds will be used to expand production capacity for sponge titanium for aircraft, for which medium- to long-term demand is expected to grow, although concerns have also been raised about dilution of shareholder value.