Nikkei Higher in Thin Trading, Idemitsu Kosan Up on Earnings

Nigel Thomas
02 May, 2012
New York City

Stock gains in Tokyo were limited ahead of a long weekend and elections in Europe. Exporters and auto makers were higher after the yen eased and energy sector stocks advanced after Idemitsu Kosan Co reported better than expected fiscal year earnings.

[R]8:30 PM Tokyo – Stock gains in Tokyo were limited ahead of a long weekend and elections in Europe. Exporters and auto makers were higher after the yen eased and energy sector stocks advanced after Idemitsu Kosan Co reported better than expected fiscal year earnings.[/R]

Stocks in Tokyo trading gained in thin trading ahead of long weekend as investors digested better than expected manufacturing data from the U.S. and China.

The Nikkei 225 Stock Average increased 29.30 to 9,380.25 and the broader Topix index edged up 3.38 to 792.87.

Trading volume declined to 3-month low on the main board of Tokyo Stock Exchange to 1.33 billion shares.

Stock Movers

Sharp Corp extended losses for the second day in a row and declined 4.3% to 448 yen and reached a new 28-year low. The stock is on the slide despite the company estimated a modest operating profit in the current fiscal year.

Kansai Electric Power Company, Inc decreased 14 yen to 1,129 yen and Tokyo Electric Power fell 5 yen to 191 yen.

Gree Inc gained 2.5% after the company said its international subsidiary agreed to buy smartphone game maker Funzio Inc for $210 million.

Toyota Motor closed up 15 yen to 3,205 yen and Honda Motor Co. gained 19 yen to 2,818 yen and Nissan Motor Co Ltd increased 6 yen to 808 yen.

Sony Corp added 5 yen to 1,270 yen. Panasonic Corp closed down 4 yen at 602 yen and Canon Inc slumped 30 yen to 3,600 yen.

Olympus Corp closed down 20 yen to 1,210 yen, Nikon decreased 9 yen to 2,311 yen and Fanuc Ltd surged 320 yen to 13,870 yen. Hitachi Ltd fell 2 yen to 492 yen.

Komatsu Ltd advanced 31 yen to 2,256 yen and Hitachi Construction Machinery Co gained 6 yen to 1,683 yen.

Mitsui O.S.K. Lines, Ltd fell 2 yen to 294 yen, Kawasaki Kisen Kaisha, Ltd added 2 yen to 162 yen and Nippon Yusen K.K. closed down at 9 yen to 229 yen.

Nippon Electric Glass Co Ltd slipped 1.3% or 8 yen to 588 yen and Asahi Glass Co Ltd fell 2 yen to 606 yen.

Fast Retailing Co. plunged 100 yen to 17,500 yen and J. Front Retailing Co. Ltd rose 2 yen to 414 yen.

Mitsubishi UFJ Financial Group added 2 yen to 376 yen and Sumitomo Mitsui Financial Group gained 11 yen to 2,518 yen. Nomura Holdings, Inc closed down 2 yen to 313 yen.

Tokyo Tatemono Co., Ltd fell 1 yen to 283 yen and Mitsui Fudosan soared 22 yen to 1,406 yen and Sumitomo Realty & Development Co. advanced 26 yen to 1,832 yen.

Nippon Steel unchanged to 193 yen and JFE Holdings Inc added 1 yen to 1,451 yen.