Casio, Nomura, NTT Data Earnings Lift Tokyo Stocks

Marcus Jacob
02 Feb, 2011
New York City

Stocks in Tokyo gained more than 1.5% for the second day in a row as companies report better than expected earnings. Resource linked stocks gained after copper and nickel trade higher. Nomura, Casio, NTT Data report higher earnings. Toyota, Nissan and Honda U.S. auto sales increase more than 13%.

[R]6:00 PM Tokyo – Stocks in Tokyo gained more than 1.5% for the second day in a row as companies report better than expected earnings. Resource linked stocks gained after copper and nickel trade higher. Nomura, Casio, NTT Data report higher earnings. Toyota, Nissan and Honda U.S. auto sales increase more than 13%.[/R]

Stocks in Tokyo surged more than 1.5% for the second day in a row as resource companies close higher and Casio, Mitsubishi Materials and NTT Data Corp report better than expected earnings.

Nikkei 225 Stock Average soared 1.8% to 10,457.36 and the broader index Topix increased 1.8% to 929.64.

Resource stocks and exporters closed higher after U.S. reported faster manufacturing expansion. Manufacturing also increased in China, India, UK and euro-zone lifting base metal prices.

Copper and tin prices in London trading surged to a new high on the threat from Cyclone Yasi. Copper surged more than 2.5% and tin gained more than 2%.

The category four Cyclone Yasi with more than 250 km per hour winds is expected to hit Australian eastern shores near Cairns and inflict widespread damage. Sugar industry is expected to suffer damages and metal production in Queensland has been halted only weeks after severe flood damages.

Nickel rose to $27,864 a ton in New York trading, copper closed at $9,810 a ton and tin closed at $30,400.

Stock Movers

Automakers gained after Toyota, Honda and Nissan report increase in January auto sales in the U.S. Toyota sales rose 17%, Nissan sales increased 15% and Honda sales rose 13%. Overall U.S. auto sales soared 17% to 698,781 in January and Japanese automakers sold app 290,000 vehicles.

Toyota increased 3.3% to 3,480 yen and Nissan Motor Co gained 3.1% to 863 yen. Mazda Motor Co. added 2.1% to 244 yen.

Casio jumped more than 6.5% to 659 yen after the electronic gadgets maker returned to net income compared to a year ago in the nine-month period.

Mitsubishi Electric Corp soared 7.3% to 995 yen after quarterly net rose to 45.6 billion yen from 23 billion yen a year ago.

Toshiba Corp gained 5% to 513 yen after a broker raised its rating on the company.

Resource stocks advanced after copper and tin gained in London and New York trading. Sumitomo Metal and Mining Co. increased 3.2% to 1,409 yen.

Panasonic Corp increased 0.1% to 1,126 yen after fiscal third quarter net income rose 24% to 40 billion yen. The TV maker sold 6.38 million units in the quarter and left its annual sales estimate at 21 million.

Nomura Holdings Inc rose 4% to 516 yen after the largest broker reported net income in the third quarter soared 31% to 13.4 billion yen. However, the international business reported a net loss of 3 billion yen compared to 7.5 billion yen profit a year ago.