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Sharp Jumps After Scrapping Share Sale on Market Instability

Pavel Alpeyev
Sharp Jumps After Scrapping Share Sale on Market Instability

Sharp Corp. jumped the most in 22 months in Tokyo trading after the electronics maker controlled by Foxconn Technology Group canceled plans to raise as much as 200 billion yen ($1.8 billion) in a public share sale. The Japanese company, which had planned to use the proceeds to purchase preferred stock and improve its finances, cited market instability fueled by U.S.-China trade tensions. Sharp also retracted a full-year report related to the sale, it said in a statement Friday.