Nikkei in Tokyo Recovers from 1% Fall; Olympus, Renesas Rise

Nigel Thomas
30 May, 2012
New York City

Stocks in Tokyo recovered from the early decline of 1% in the Nikkei index but Spain and the euro zone worries dragged market sentiment. Olympus soared 5% on the speculation that it may seek capital from Panasonic or Sony and Renesas Electronics rebounded 27% after losing half its value this month.

[R]8:30 PM Tokyo – Stocks in Tokyo recovered from the early decline of 1% in the Nikkei index but Spain and the euro zone worries dragged market sentiment. Olympus soared 5% on the speculation that it may seek capital from Panasonic or Sony and Renesas Electronics rebounded 27% after losing half its value this month.[/R]

The market index in Tokyo fell more than 1% in early trading as worries in the euro zone and in Spain overwhelmed market sentiment. Indexes recovered in the late afternoon despite a Chinese press agency confirming that there are no plans for another stimulus.

The Nikkei 225 Stock Average slipped 23.89 to 8,633.19 and the broader Topix index fell 3.41 to 723.62.

Exporters were firm and the yen advanced to a 4-month high against the euro as Spanish bond yields rose near the record high since the nation joined the euro zone.

Stock Movers

Renesas Electronics surged 27.4% to 260 yen on the hopes that the company may seek capital infusion from Panasonic or Sony. Stocks of both electronics maker closed lower on the worries that they may tie up with the troubled camera maker.

Kansai Electric Power Company, Inc gained 28 yen to 1,099 yen and Tokyo Electric Power added 1 yen to 154 yen.

Toyota Motor decreased 5 yen to 3,075 yen and Honda Motor Co. increased 19 yen to 2,574 yen and Nissan Motor Co Ltd gained 10 yen to 767 yen.

Sony Corp decreased 20 yen to close at 1,052 yen, Panasonic Corp closed down at 12 yen to 524 yen and Canon Inc decreased 15 yen to 3,265 yen. Toshiba fell 5 yen to 297 yen.

Olympus Corp advanced 47 yen to 1,214 yen, Nikon increased 16 yen to 2,160 yen and Fanuc Ltd shrank 170 yen to 13,710 yen. Hitachi Ltd slides 7 yen to 452 yen.

Komatsu Ltd closed down at 23 yen to 1,929 yen, Hitachi Construction Machinery Co slumped 27 yen to 1,543 yen.

Inpex Corp rose 0.4% to 466,000 yen and Japan Petroleum Exploration Co. gained 19 yen to 3,015 yen.

Mitsui O.S.K. Lines, Ltd fell 2 yen to 280 yen; Kawasaki Kisen Kaisha, Ltd closed down 2 yen to 145 yen and Nippon Yusen K.K. slides 2 yen to 210 yen.

Nippon Electric Glass Co Ltd shrank 14 yen to 491 yen and Asahi Glass Co Ltd decreased 10 yen to 541 yen.

Fast Retailing Co. advanced 230 yen to 17,890 yen and J. Front Retailing Co. Ltd added 1 yen to 366 yen.

Mitsubishi UFJ Financial Group slipped 7 yen to 342 yen and Sumitomo Mitsui Financial Group declined 25 yen to 2,306 yen. Nomura Holdings, Inc closed unchanged to 264 yen.

Credit Saison Co Ltd slumped 31 yen to 1,546 yen.

Tokyo Tatemono Co., Ltd closed up at 2 yen to 256 yen and Mitsui Fudosan slides 12 yen to 1,327 yen and Sumitomo Realty & Development Co. fell 2 yen to 1,700 yen.

Nippon Steel unchanged to 176 yen and JFE Holdings Inc gained 6 yen to 1,284 yen.