Stocks in Tokyo Rebound; Toshiba, Softbank, All Nippon Air in Focus

Nigel Thomas
14 Aug, 2012
New York City

Stocks in Tokyo traded higher for the first time in three days as most investors stayed away for a weeklong holiday. Investors focused on international events after the winding down of the earnings season and the lack of domestic economic news.

[R]6:00 PM Tokyo – Stocks in Tokyo traded higher for the first time in three days as most investors stayed away for a weeklong holiday. Investors focused on international events after the winding down of the earnings season and the lack of domestic economic news.[/R]

Stocks in Tokyo gained for the first time in three days in light trading as most traders and investors stay for O-bon holiday.

The latest minutes of Bank of Japan meeting released today showed that Governor Masaaki Shirakawa and the rate setting committee considered additional stimulus measures to revive economic growth and expanding asset purchase program.

The Nikkei 225 Stock Average increased 0.5% to 9,929.88 and the broader Topix Index added 0.4% to 749.53.

The yen weakened to 78.36 yen from 78.30 yen at close yesterday and traded lower against the euro to 96.96 from 96.17.

Stocks in Review

All Nippon Airways Co Ltd increased 2.2% to 180 yen and the company announced a secondary offering of 175 billion yen or $2.2 billion.

Ocean freight shipping companies declined after the measure of freight rate The Baltic Dry Index declined for the 25th day in a row.

Nippon Yusen dropped 1.7% to 171 yen, Kawasaki Kisen Kaisa Ltd fell 2.7% to 110 yen and Mitsui O.S.K. declined 2.2% to 218 yen.

Keisei Eletric Railway jumped 6% to 765 yen after Nomura lifted its price target by 20% to 890 yen for the private railroad operator.

Toshiba Corp declined 3.7% to 261 yen after Yomiuri business newspaper reported that the company is likely to sell 16% stake in its nuclear power plant unit Westinghouse. Toshiba controls 67% stake in Westinghouse.

Softbank increased 2.9% or 90 yen to 3,230 yen and the company was the leader on the most active list.