Nikkei Backs Down, Softbank Jumps

Nigel Thomas
10 Feb, 2012
New York City

Stocks in Japan declined and market averages edged lower as corporations reported mixed earnings. Softbank surged on the prospects of China based Alibaba.com going private. Freight shipping companies gained on the price hike for container shipments.

[R]8:30 PM Tokyo – Stocks in Japan declined and market averages edged lower as corporations reported mixed earnings. Softbank surged on the prospects of China based Alibaba.com going private. Freight shipping companies gained on the price hike for container shipments.[/R]

Stocks in Tokyo trading were on the defensive and market averaged traded lower as euro zone finance ministers delayed ratifying the Greek agreement.

Investors focused on mixed domestic earnings and Softbank surged on media reports that Hong Kong listed Alibaba.com may go private.

The Nikkei 225 Stock Average fell 0.6% to 8,947.17 and the broader Topix index decreased 0.7% to 779.07. For the week, the Nikkei increased 1.3% and Topic gained 0.7%.

In trading, 2.67 billion shares changed hands, the new high for the year compared to 2.48 billion shares in yesterday’s trading.

Stock Movers

Toyota Motor decreased 70 yen to 3,060 yen and Honda Motor Co. fell 52 yen to 2,770 yen and Nissan Motor Co Ltd decreased 9 yen to 757 yen.

Sony Corp decreased 8 yen to 1,536 yen, Panasonic Corp fell 2 yen to 653 yen and Canon Inc closed up 45 yen to 3,415 yen. Nintendo Co. Ltd closed down 120 yen at 10,800 yen.

Olympus Corp closed flat at 1,277 yen and Fujifilm Holdings Corp closed down 13 yen at 1,828 yen.

Nikon decreased 18 yen 2,046 yen, Fanuc Ltd fell 150 yen to 12,920 yen and Kyocera rose 30 yen at 6,670 yen.

Shipping companies added after several companies proposed to increased container shipment freight by $300 a 40-foot container from the next month and a similar increase two months later.

Mitsui O.S.K. Lines, Ltd closed up 4 yen to 339 yen, Kawasaki Kisen Kaisha, Ltd closed unchanged at 166 yen and Nippon Yusen K.K. closed up 3 yen to 229 yen.

The Tokyo Electric Power Company, Inc increased 5 yen to 200 yen.

Fast Retailing Co. decreased 240 yen to 15,470 yen and J. Front Retailing Co. Ltd closed down 4 yen at 370 yen.

Yamada Denki Co Ltd jumped 9% after the company said its profit margins are steady despite the fall in sales third quarter.

Mitsubishi UFJ Financial Group decreased 11 yen to 385 yen and Sumitomo Mitsui Financial Group closed down 62 yen at 2,544 yen.

Komatsu Ltd decreased 46 yen to 2,127 yen, Hitachi Construction Machinery Co decreased 30 yen to 1,477 yen and Toyo Engineering Corp fell 16 yen to 320 yen.

Softbank Corp closed up 81 yen at 2,301 yen, KDDI Corp closed up 1% to 491,500 yen and NTT DoCoMo, Inc closed down 200 yen to 136,000 yen.

Softbank surged on media reports that Hong Kong listed Alibaba.com plans to take the company private in which it has a stake.

Japan Tobacco edged down 5% after rallying more than 12% in the previous three sessions after the company lifted dividend and annual earnings estimate.