Tokyo Stocks Edge higher; Olympus, NOK, Toyo in Focus

Marcus Jacob
11 Nov, 2011
New York City

Stocks in Japan rebounded in a cautious trading. For the week the benchmark index declined 3.3%. Daio Paper declined after it said it will miss earnings deadline and may face delisting. Olympus dropped 5% and will delay its earnings. NOK Corp, the rubber products maker lowered its full year outlook.

[R]6:00 PM Tokyo – Stocks in Japan rebounded in a cautious trading. For the week the benchmark index declined 3.3%. Daio Paper declined after it said it will miss earnings deadline and may face delisting. Olympus dropped 5% and will delay its earnings. NOK Corp, the rubber products maker lowered its full year outlook.[/R]

The Nikkei 225 Stock Average increased 0.2% to 8,514.47 and the broader Topix index fell 2.6% or 19.10 to 730.30.

Stock Movers

Toyota Motor decreased 45 yen to 2,454 yen and Honda Motor Co. increased 12 yen to 2,272 yen and Nissan Motor Co Ltd rose 4 yen to 705 yen.

Jtekt Corp rose 1% to 735 yen, NTN Corp declined 1 yen to 302 yen and NSK Ltd declined 2 yen to 503 yen.

Sony Corp increased 32 yen to 1,354 yen, Panasonic Corp closed unchanged at 689 yen and Canon Inc added 70 yen to 3,335 yen.

Nintendo Co. Ltd fell 120 yen to 12,290 yen.

Olympus Corp plunged 24 yen or 5% to 460 yen but failed to open after the company was placed on a watch list and the company said it will miss its earnings deadline of November 14.

Nomura Holdings, Inc decreased 1.6% to 243 yen on the worries that the company may be dragged into Olympus inquiries.

Daio Paper Corp fell 100 yen or 19% to 433 yen after the Tokyo Stock Exchange put the paper maker on a watch list for a possible delisting after the company said it will not meet its earnings deadline on November 14.

Elpida Memory Inc fell 2.2% to 369 yen and Tokyo Electron added 5 yen to 3,935 yen.

Fanuc Ltd increased 80 yen to 12,360 yen and Kyocera closed up 80 yen at 6,700 yen. Nikon Corp added 8 yen to 1,729 yen.

Shimadzu Corp declined 3% to 638 yen after precision tools maker said first-half net income declined 23% to 2.14 billion yen and operating profit soared 56% to 7.31 billion yen.

Mitsui OSK Lines, Ltd decreased 3 yen to 258 yen, Kawasaki Kisen Kaisha, Ltd closed down 3 yen to 135 yen and Nippon Yusen K.K. fell 5 yen to 176 yen.

Dai-ichi Life fell 100 yen to 75,400 yen as the yields on the Italian bonds reached a new high of 7.35%. The life insurance company holds bonds of Spain and Italy that have declined in value in the last six months.

Property and Casualty insurers declined on the mounting losses related to Thailand floods.

MS & AD Insurance Group Holdings, Inc closed down 27 yen to 1,509 yen and NKSJ Holdings Inc declined 6 yen to 1,533 yen.

Mitsubishi UFJ Financial Group fell 1 yen to 328 yen and Sumitomo Mitsui Financial Group decreased 8 yen to 2,022 yen.

Komatsu Ltd decreased 8 yen to 1,906 yen and Hitachi Construction Machinery Co increased 7 yen to 1,448 yen.

Toyo Engineering Corp increased 14 yen to 262 yen after the plant engineering company increased annual dividend to 5 yen per share from 3 yen per share.

NOK Corp surged 5.5% to 1,282 yen after the rubber products maker said net income declined to 6.91 billion yen in the first half ending to September and lowered its full-year net income outlook 29% to 15.8 billion yen.

Ulvac Inc dropped 4% to 912 yen after solar cells maker said first quarter net income plunged 81% to 233 million yen.