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Sony stock hits 2019 high on hopes of Third Point stake increase

Huawei sanctions reprieve eases concerns over chip sales

Sony's Tokyo headquarters: Shares in the Japanese group have rallied on expectations that activist hedge fund will raise its stake.   © Reuters

TOKYO -- Sony shares touched a year-to-date high Friday and closed higher for a fifth straight session after activist U.S. hedge fund Third Point hinted it could increase its stake in the Japanese conglomerate.

The Tokyo-listed stock rose as high as 5,976 yen before ending the day up nearly 1% at 5,950 yen, with a 15% increase in trading volume from the previous day.

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