Nikkei Hovers Near 2-Month High

Nigel Thomas
05 Jul, 2012
New York City

Tokyo stocks edged down after a month-long rally that powered indexes to 2-month highs. Machinery and construction stocks traded higher and Nikon closed at 4-year high on the expectations of better than expected profits in the camera division.

[R]7:00 PM Tokyo – Tokyo stocks edged down after a month-long rally that powered indexes to 2-month highs. Machinery and construction stocks traded higher and Nikon closed at 4-year high on the expectations of better than expected profits in the camera division.[/R]

Stocks in Tokyo traded slipped after indexes traded at a 2-month high in a month long rally.

Investors looked ahead for a coordinated action from central banks around the world to revive the global economic growth. The central banks from Europe and UK are scheduled to release their decision at the end of the rate setting meetings later today.

The Nikkei 225 Stock Average slipped 24.37 to 9,079.80 and the broader Topix index fell 2.33 to 776.37.

Stock Movers

All Nippon Airways Co. rose 3 yen to 198 yen after the airline said it plans to raise as much as 211 billion yen or $2.5 billion in a share offering.

Yamada Denki gained 4.1% to 3,775 yen after two brokers lowered their views and price target on the retailer.

Nitori Holdings Co decreased 0.2% to 7,570 yen, apparel retailer Shimamura fell 0.5% to 9,240 yen and Sagami Co added 0.8% to 122 yen. Marushohotta Co slid 4% to 48 yen and Edion Corp gained 1.5% to 394 yen.

Fast Retailing Co. slipped 70 yen to 15,780 yen and J. Front Retailing Co. Ltd rose 3 yen to 402 yen.

Kajima Corp decreased 1.7% to 227 yen and Taisei Corp fell 2.3% to 212 yen. Sekisui House Ltd unchanged to 754 yen and Daito Trust Construction Co Ltd slid 0.5% to 7,570 yen.

Tokyo Tatemono Co., Ltd decreased 7 yen to 287 yen and Mitsui Fudosan dropped 31 yen to 1,502 yen and Sumitomo Realty & Development Co. declined 38 yen to 1,891 yen.

Kansai Electric Power Company, Inc slumped 16 yen to 909 yen and Tokyo Electric Power rose 1 yen to 155 yen.

Toyota Motor gained 10 yen to 3,225 yen and Honda Motor Co. slipped 17 yen to 2,725 yen and Nissan Motor Co Ltd decreased 7 yen to 750 yen.

Sony Corp added 3 yen to close at 1,099 yen and Panasonic Corp closed down 13 yen to 624 yen. Toshiba rose 3 yen to 303 yen.

Olympus Corp up 3 yen to 1,291 yen and Nikon advanced 35 yen to 2,539 yen after Nikkei business daily reported camera division operating profit may increase as much as 48% in the current fiscal year.

Fanuc Ltd increased 180 yen to 13,470 yen and Canon Inc closed down 5 yen to 3,200 yen.

Komatsu Ltd gained 66 yen to 1,968 yen and Hitachi Construction Machinery Co increased 33 yen to 1,480 yen. Ataka Engineering soared more than 22% after the company said it has developed technology to decontaminate radioactive ash.

Inpex Corp slid 1.2% to 456,500 yen and Japan Petroleum Exploration Co. declined 50 yen to 3,090 yen.

Mitsui O.S.K. Lines, Ltd rose 2 yen to 281 yen; Kawasaki Kisen Kaisha, Ltd fell 1 yen or 0.8% to 130 yen and Nippon Yusen K.K. down 1 yen to 208 yen.

Mitsubishi UFJ Financial Group gained 5 yen to 397 yen and Sumitomo Mitsui Financial Group increased 7 yen to 2,651 yen. Nomura Holdings, Inc fell 3 yen to 292 yen.

Credit Saison Co Ltd closed up 15 yen to 1,775 yen.

Nippon Steel unchanged to 178 yen and JFE Holdings Inc gained 10 yen to 1,237 yen.