Nomura Holdings’ shares have jumped to their highest in 16 years after Japan’s biggest brokerage doubled third-quarter profit and beat market estimates on robust trading and cost cuts.
The stock climbed as much as 7.7% to ¥1,077 in Tokyo on Thursday morning, the highest level since October 2008. Net income doubled from a year earlier to ¥101.4 billion ($665 million) in the three months ended Dec. 31, hitting a four-year peak.
CEO Kentaro Okuda has steered Nomura to an earnings recovery, even as it grapples with the fallout from a pair of scandals in recent months. Japanese brokerages are benefiting from elevated trading and dealmaking activity, along with a growing investment appetite among individual clients seeking to protect their wealth from the emergence of inflation at home.
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