By Kosaku Narioka
Nissan Motor shares jumped their most in a decade and a half after an activist investor took a stake in the Japanese carmaker in the midst of turnaround efforts.
Shares rose 13% to close at 415.8 yen on Tuesday in Tokyo, marking their biggest one-day percentage gain since April 2009.
Nissan said in a half-year report filed after Monday's market close that a trustee of ECM Master Fund was its fifth-biggest shareholder with a 2.5% stake as of the end of September. ECM Master Fund is managed by Singapore-based Effissimo Capital Management, according to filings by companies Effissimo held stakes in.
A representative for Effissimo confirmed its investment in Nissan, but declined to comment further.
A Nissan spokesman said it is engaging with investors and analysts and that it appreciates "all existing and new shareholders that support and believe in the future potential of Nissan."
The stock's jump followed selloffs since late last week after the company announced disappointing second-quarter results and a restructuring plan that includes cutting 9,000 jobs globally and reducing its global production capacity by one-fifth.
Nissan lowered its annual sales and earnings forecasts after swinging to a quarterly net loss of 9.3 billion yen ($60.8 million). It lowered vehicle sales forecasts for all major markets, cutting big in China and North America.
Nissan has been struggling with weak sales in recent months, especially in China, where a price war and a surge of local electric-vehicle offerings have hit foreign brands hard.
Shares in Nissan remain down 25% so far this year, lagging behind domestic peers Toyota Motor and Honda Motor.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
November 12, 2024 09:16 ET (14:16 GMT)
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