Sumitomo shares surge to record high on commodity-driven earnings outlook

8 articles · Updated · Bloomberg · May 1

The stock jumped 17% on Friday, while Mitsubishi rose after forecasting fiscal-year net income up 37% to ¥1.1tn ($7bn).
Mitsubishi said gas and copper would drive growth, and Sumitomo pointed to copper and coal as lifting profit above analyst estimates.
Japan’s big five trading houses are expected to benefit this year as war-related supply disruptions keep energy and metals prices elevated.

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