Honda Shares Surge 16% Following Buyback Announcement

Forex - Honda shares surged more than 16% on Tuesday after the Japanese automotive giant announced it would conduct a buyback of 1.1 trillion yen (7 billion dollars) the previous day. Honda's buyback program will allow it to purchase up to 24% of its outstanding shares. The buyback announcement followed Honda's agreement with struggling rival Nissan on Monday to begin merger talks in order to catch up with Chinese companies and Tesla in the electric vehicle market. Currently, Honda shares are up 13.44% at 1,448 yen.