(Updates share price in second paragraph, adds newspaper report on Yahoo stake sale in sixth paragraph.)
Nov. 30 (Bloomberg) -- Yahoo Japan Corp. and Rakuten Inc. rose for a second day on optimism that the companies’ shopping sites may lure more customers during next month’s holiday season, mirroring a surge in U.S. online sales on Cyber Monday.
Yahoo Japan advanced the most in two months, rising as much as 6.3 percent to 24,500 yen, and traded at 23,710 yen on the Tokyo Stock Exchange at the 11:30 a.m. trading break. Rakuten added as much as 2.9 percent to 84,100 yen on the Osaka Securities Exchange’s Jasdaq market.
U.S. online sales increased more than 20 percent from a year earlier on Cyber Monday, the first Monday after Thanksgiving. E-commerce sites clamor to reach consumers on the day, aiming to get workers to shop from their office computers after the long holiday weekend.
“The report triggered some investors to buy companies like Yahoo,” said Kenichi Hirano, general manager and strategist at Tachibana Securities Co. in Tokyo.
In the U.S., Cyber Monday online revenue jumped 33 percent, according to International Business Machines Corp., while ComScore Inc. put the increase at 22 percent.
Separately, Yahoo! Inc. aims to find a buyer for a minority stake by the end of this year, the Wall Street Journal reported, citing people familiar with the matter. There are at least three bidders including TPG Capital for about a 20 percent stake in Sunnyvale, California-based Yahoo, according to the report. The website operator owns about 35 percent of Tokyo-based Yahoo Japan.
--Editors: Garry Smith, Terje Langeland
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