Nikkei Extends Gains With a Rise of 1.3%; Fast Retailing Up 8%

Nigel Thomas
13 Apr, 2012
New York City

Stocks in Tokyo gained for the second day in a row and market indexes advanced 1.2% on Friday. For the week, the Nikkei edged down 0.5% and held on to gains of 14% in the year so far. Sony Corp extended losses for the third day.

[R]8:30 PM Tokyo – Stocks in Tokyo gained for the second day in a row and market indexes advanced 1.2% on Friday. For the week, the Nikkei edged down 0.5% and held on to gains of 14% in the year so far. Sony Corp extended losses for the third day.[/R]

Stocks in Tokyo advanced for the second day in a row after North Korean rocket launch failed. The market rally was trimmed after China reported a slower than expected economic growth but Fast Retailing estimated record annual net income.

The Nikkei 225 Stock Average surged 113.20 or 1.2% to 9,637.99 and the broader Topix index gained 5.60 to 815.48.

Stock Movers

Toyota Motor closed down 5 yen to 3,325 yen and Honda Motor Co. decreased 5 yen to 2,925 yen and Nissan Motor Co Ltd fell 5 yen to 825 yen.

Kansai Electric Power Company, Inc rose 1 yen to 1,293 yen and Tokyo Electric Power gained 1 yen to 205 yen.

Sony Corp dropped 84 yen to 1,444 yen and extended losses for the third day in a row as investors questioned if the recent restructuring plan will be enough to turn around the company. Sony has stacked up a string of losses after it lost its focus and diversified into movie business and failed to keep up with the innovation in mobile hand set market.

Panasonic Corp closed down 20 yen at 650 yen and Canon Inc surged 50 yen to 3,790 yen. Nintendo Co. Ltd declined 270 yen to 11,540 yen.

Olympus Corp closed down 9 yen to 1,291 yen, Nikon decreased 12 yen to 2,383 yen and Fanuc Ltd soared 410 yen to 15,010 yen. Hitachi Ltd increased 6 yen to 522 yen.

Komatsu Ltd advanced 23 yen to 2,369 yen and Hitachi Construction Machinery Co rose 4 yen to 1,804 yen after China reported 8.1% increase in economic growth in the first quarter.

Toyo Engineering Corp closed up 12 yen to 380 yen.

Mitsui O.S.K. Lines, Ltd unchanged to 317 yen, Kawasaki Kisen Kaisha, Ltd fell 3 yen to 167 yen and Nippon Yusen K.K. decreased 3 yen to 236 yen.

Fast Retailing Co. surged 1,500 yen to 18,970 yen after the largest apparel retailer lifted its annual earnings estimate to a record of 81.5 billion yen in the year to August on the rising sales in international markets.

J. Front Retailing Co. Ltd closed unchanged to 416 yen.

Mitsubishi UFJ Financial Group gained 14 yen to 402 yen and Sumitomo Mitsui Financial Group soared 99 yen to 2,726 yen. Nomura Holdings, Inc increased 11 yen to 354 yen.

Tokyo Tatemono Co., Ltd closed up 1 yen to 305 yen and Mitsui Fudosan advanced 36 yen to 1,486 yen and Sumitomo Realty & Development Co. surged 64 yen to 1,860 yen.

Nippon Steel fell 2 yen to 205 yen and JFE Holdings Inc rose 0.06% or 1 yen to 1,617 yen.