Toyota Motor Corp. jumped in early Tokyo trading, rebounding from a sudden plunge in the final minute Tuesday.
(Bloomberg) — Toyota Motor Corp. jumped in early Tokyo trading, rebounding from a sudden plunge in the final minute Tuesday.
The stock gained as much as 5.5%, the most since January 2022, to 1,959.5 yen. That erased Tuesday’s loss, when the stock fell 4.8% as a block of 14.5 million shares crossed at 1,857 yen per share at the close. The drop temporarily erased $11 billion from Toyota’s market value.
“There’s a wide range of reasons” for why the block of shares may have been sold, said David Whiston, an equity strategist at Morningstar Inc. “I don’t see anything new in Toyota’s story arc to cause the change, so perhaps either someone decided they wanted out or just needed to dump shares to raise funds for something else.”
Some market observers had also pointed to the possibility of a “fat finger” trading error for the stock’s drop.
The shares are little changed since the company’s unsurprising earnings earlier this month. Toyota is up about 6.9% this year, trailing the 14% gain in the Topix Transportation Equipment Index.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.