By Kosaku NariokaSumitomo Electric Industries shares rose sharply after it raised fiscal-year earnings guidance, citing a recovery in auto production and a weaker yen. The company's shares were recently 11% higher at 1,800.0 yen after rising as much as 12% earlier Monday morning. A weaker yen also supported earnings, it said. First-half revenue grew 9.6% to Y2,072 trillion thanks to increased sales of wire harnesses, anti-vibration rubber and power cables, it said. Write to Kosaku Narioka at kosaku.narioka@wsj.com(END) Dow Jones NewswiresNovember 05, 2023 21:15 ET (02:15 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal November 06, 2023 02:21 UTC