Nikkei Edges Lower; Fanuc Net Rises 22%, Tepco in Bailout Talks

Nigel Thomas
26 Jan, 2012
New York City

Stocks in Japan traded lower as commodities gained in Asian markets trading. Tepco surged on the expectations that the company will accept 1 trillion yen bailout in exchange of two thirds stake. Fanuc said nine-month earnings increased 22% and sales rose 23%.

[R]8:30 PM Tokyo – Stocks in Japan traded lower as commodities gained in Asian markets trading. Tepco surged on the expectations that the company will accept 1 trillion yen bailout in exchange of two thirds stake. Fanuc said nine-month earnings increased 22% and sales rose 23%.[/R]

Stocks in Tokyo trading traded lower as commodities prices gained and a weaker than expected earnings from Fanuc dragged industrial stocks lower.

The Nikkei 225 Stock Average fell 0.4% to 8,849.47 and the broader Topix index decreased 0.4% to 764.61.

The yen declined to 77.98 against one dollar and fell to 101.56 against one euro to 101.56.

Stock Movers

Toyota Motor increased 10 yen to 2,887 yen and Honda Motor Co. fell 31 yen at 2,742 yen and Nissan Motor Co Ltd decreased 5 yen to 734 yen. Suzuki Motor Corp fell 17 yen to 1,735 yen.

Sony Corp decreased 20 yen to 1,434 yen, Panasonic Corp fell 6 yen at 650 yen and Canon Inc closed down 25 yen to 3,485 yen. Nintendo Co. Ltd decreased 70 yen to 10,790 yen.

Olympus Corp closed down 5 yen at 1,279 yen.

Nikon Corp fell 5 yen to 1,847 yen, Fanuc Ltd closed down 260 yen to 12,800 yen and Kyocera rose 10 yen to 6,640 yen. Casio Computer Co., Ltd decreased 3 yen to 471 yen.

Fanuc said its earnings in the nine months ending in December increased 22% to 105.96 billion yen from 86.57 billion yen. Sales increased 23% to 403.17 billion yen and operating profit gained 23% to 168.81 billion yen.

For the year, the company retained its sales forecast of 543 billion yen and net income outlook of 150 billion yen.

Mitsui O.S.K. Lines, Ltd increased 1 yen to 299 yen, Kawasaki Kisen Kaisha, Ltd fell 4 yen to 147 yen and Nippon Yusen K.K. decreased 4 yen to 199 yen.

Kajima Corporation decreased 1 yen to 256 yen and Obayashi Corp rose 1 yen to 367 yen. Tobishima Corp fell 1 yen to 122 yen. Japan Bridge gained 5.5% or 48 yen to 921 yen.

Tokyo Electric Power Company, Inc increased 11 yen to 213 yen on a speculation that the company is closed to accepting 1 trillion yen government bailout for nearly two thirds stake in the company.

Fast Retailing Co. increased 50 yen to 14,970 yen and J. Front Retailing Co. Ltd closed down 8 yen at 371 yen.

Mitsubishi UFJ Financial Group dropped 3 yen to 356 yen and Sumitomo Mitsui Financial Group closed down 21 yen at 2,409 yen.

Komatsu Ltd decreased 3.2% to 2,067 yen, Hitachi Construction Machinery Co decreased 48 yen to 1,469 yen and Toyo Engineering Corp decreased 4 yen to 320 yen.

Softbank Corp closed up 44 yen at 2,236 yen, KDDI Corp increased 1.1% to 487,000 yen and NTT DoCoMo, Inc closed up 0.6% to 140,200 yen.