Tokyo Stock Rebound; Mitsubishi, Fuji Heavy Gain

Nigel Thomas
08 May, 2012
New York City

Stocks in Tokyo rebounded on bargain hunting and commodities closed higher. Trading houses led the gainers after Mitsubishi Corp reiterated its full year earnings and lifted earnings outlook. Fuji Heavy Industries gained after it estimated 22% increase in sales in the current year.

[R]8:30 PM Tokyo – Stocks in Tokyo rebounded on bargain hunting and commodities closed higher. Trading houses led the gainers after Mitsubishi Corp reiterated its full year earnings and lifted earnings outlook. Fuji Heavy Industries gained after it estimated 22% increase in sales in the current year.[/R]

Stocks in Tokyo rebounded after a sharp drop on bargain hunting and better than expected earnings from Fuji Heavy Industries and Mitsubishi Corp.

The Nikkei 225 Stock Average increased 62.51 to 9,181.65 and the broader Topix index rose 4.51 to 776.57.

Trading volume picked up to 1.6 billion from 3-month low on the main board of Tokyo Stock Exchange of 1.33 billion shares in Monday’s trading.

Stock Movers

Marubeni Corp increased 4% to 550 yen and a media report suggested that the company is in final stages of completing a deal to acquire 100% of the U.S. based Gavilon LLC, the third largest grain company.

Sharp Corp continued to loss and slumped 12 yen or 2.8% to 410 yen and reached a new 28-year low.

Kansai Electric Power Company, Inc declined 39 yen to 1,057 yen and Tokyo Electric Power gained 6 yen to 184 yen.

Mitsubishi increased 4% to 1,703 yen and estimated profit of 500 billion yen in the current fiscal year and plans to increase full year dividend to 70 yen.

Toyota Motor closed up 35 yen to 3,145 yen and Honda Motor Co. soared 59 yen to 2,719 yen and Nissan Motor Co Ltd advanced 24 yen to 790 yen.

Sony Corp rose 4 yen to 1,217 yen. Panasonic Corp closed unchanged at 577 yen and Canon Inc increased 15 yen to 3,545 yen.

Fuji Heavy Industries shot up 7% to 602 yen after the company estimated current fiscal year sales are estimated to increase 22.4% to 1.86 trillion yen.

Olympus Corp edged down 1 yen to 1,154 yen, Nikon gained 9 yen to 2,288 yen and Fanuc Ltd surged 150 yen to 13,630 yen. Hitachi Ltd increased 12 yen to 480 yen.

Komatsu Ltd added 1 yen to 2,147 yen and Hitachi Construction Machinery Co raised 14 yen to 1,622 yen.

Inpex Corp rose 0.6% to 502,000 yen and Japan Petroleum Exploration Co. increased 0.4% to 3,440 yen.

Mitsui O.S.K. Lines, Ltd gained 5 yen to 292 yen, Kawasaki Kisen Kaisha, Ltd unchanged to 151 yen and Nippon Yusen K.K. closed down at 5 yen to 220 yen.

Nippon Electric Glass Co Ltd increased 1.5% or 9 yen to 575 yen and Asahi Glass Co Ltd fell 2 yen to 591 yen.

Fast Retailing Co. surged 260 yen to 17,150 yen and J. Front Retailing Co. Ltd fell 2 yen to 401 yen.

Mitsubishi UFJ Financial Group added 2 yen to 366 yen and Sumitomo Mitsui Financial Group increased 18 yen to 2,464 yen. Nomura Holdings, Inc closed up 2 yen to 292 yen.

Tokyo Tatemono Co., Ltd rose 3 yen to 274 yen and Mitsui Fudosan advanced 11 yen to 1,359 yen and Sumitomo Realty & Development Co. soared 28 yen to 1,785 yen.

Nippon Steel edged up 2 yen to 190 yen and JFE Holdings Inc gained 15 yen to 1,400 yen.