Tokyo Stocks Advance; Daikin in $3.8 Billion Deal

Nigel Thomas
29 Aug, 2012
New York City

Tokyo stocks gained ahead of the world central bankers meeting. Renesas Electronics soared 35% on the news that the private equity firm KKR is expected to invest $1.3 billion. Sharp gained on employee buyout plan. Ito En, the beverage maker plans to buyback shares and expand to Vietnam and Myanmar.

[R]6:00 PM Tokyo – [R]6:00 PM Tokyo – Stocks in Tokyo gained ahead of the world central bankers meeting at the end of this week. Renesas Electronics soared 35% on the news that the private equity firm KKR is expected to invest $1.3 billion. Sharp gained on employee buyout plan. Ito En, the beverage maker plans to buyback shares.[/R]

Stocks in Tokyo closed higher and Renesas Electronics Corp soared its daily limit on the news that a private equity company may invest $1.3 billion in the loss making chipmaker.

Market averages traded in a tight range ahead of world central bankers gathering in Jackson Hole, Wyoming and expectations ran high that the European Central Bank will follow through its earlier announcements to support the sovereign bond market.

The Nikkei 225 Stock Average gained 36.52 to 9,069.81, the highest since July 4. The broader Topix Index edged up 3.73 to 750.03.

The yen fell to 78.51 against one dollar and decreased to 98.79 for one euro.

Stocks in Review

Renesas Electronics soared 35% or its daily limit of 80 yen to 308 yen after the Nikkei business daily said private equity firm KKR plans to buy additional shares to acquire a controlling stake in the loss making chipmaker.

Ito En Ltd surged 3% or 45 yen to a 3-year high of 1,548 yen after the company announced a plan to buyback 0.8% of all outstanding shares and open offices in Vietnam and Myanmar.

FamilyMart Co Ltd, the convenience chain operator dropped 65 yen to 3,780 yen, Lawson plummeted 160 yen to 5,900 yen and Seven & I Holdings Co declined 66 yen to 2,489 yen.

Honda Motor Co. slid 3 yen to 2,559 yen and Nissan Motor Co Ltd lowered 1 yen to 750 yen.

Nippon Steel edged up 1 yen to 166 yen and JFE Holdings Inc gained 23 yen to 1,069 yen. Tokyo Steel Manufacturing up 0.7% to 269 yen.

Canon Inc advanced 27 yen to 2,729 yen and Seiko Epson Corp increased 7 yen to 558 yen and Ricoh Co Ltd climbed 24 yen to 651 yen. Sony Corp gained 20 yen at 923.

Panasonic Corp grew 6 yen to 555 yen and Toshiba up 2 yen to 263 yen and Nikon jumped 39 yen to 2,249 yen.

Sharp soared 15 yen or 6.9% to 230 yen after the company said it plans to offer buyouts to 2,000 employees as a part of a plan to eliminate 5,000 positions.

Olympus decreased 1.2% to 1,542 yen, Nintendo Co. Ltd increased 160 yen at 9,010 yen, Fujitsu gained 1.9% to 325 yen and Pioneer Corp. advanced 9 yen or 4.3% to 218 yen.

Daikin Corp declined 3.5% to 2,073 yen after the air-conditioner maker agreed to acquire the U.S. based Goodman Global for 300 billion yen or $3.7 billion. The stock declined on the worry that the company may have overpaid.

Fanuc Ltd climbed 140 yen to 13,140 yen and Komatsu Ltd added 7 yen to 1,637 yen.

Hitachi Construction Machinery Co slumped 9 yen to 1,365 yen.

Yamada Denki increased 10 yen to 4,005 yen. Nitori Holdings Co gained 10 cents to 7,740 yen, apparel retailer Shimamura climbed 70 yen to 9,260 yen and Sagami Co up 3 yen to 132 yen.

Fast Retailing Co. slumped 20 yen to 18,520 yen and J. Front Retailing Co. Ltd closed unchanged at 401 yen.

Kajima Corp closed unchanged at 224 yen and Taisei Corp slid 2 yen to 216 yen. Sekisui House Ltd increased 9 yen to 749 yen and Daito Trust Construction Co Ltd gained 40 yen to 7,700 yen.

Tokyo Tatemono Co., Ltd inched up 1 yen to 273 yen and Mitsui Fudosan climbed 18 yen to 1,507 yen and Sumitomo Realty & Development Co. gained 18 yen to 1,954 yen.

Kansai Electric Power Company, Inc added 4 yen to 598 yen a day after a report in Nikkei business daily said that the company is likely to trim its interim dividend for the first time in 25 years on the earnings uncertainty.

Inpex Corp closed unchanged at 456,000 yen and Japan Petroleum Exploration Co. advanced 25 yen to 3,075 yen.

Mitsui O.S.K. Lines, Ltd slid 2 yen to 199 yen and Kawasaki Kisen Kaisha, Ltd closed unchanged at 105 yen and Nippon Yusen K.K. lowered 2 yen to 166 yen.

Aozora Bank closed unchanged at 238 yen after mid-sized financial institution said it plans to spend 227.6 billion yen over a decade to return 180 billion yen of the bailout from the government and buyback stocks.

Mitsubishi UFJ Financial Group gained 3 yen to 365 yen and Sumitomo Mitsui Financial Group increased 23 yen to 2,492 yen. Nomura Holdings, Inc added 2 yen to 268 yen.

Tokio Marine climbed 30 yen to 1,932 yen and Mito Securities up 0.7% to 137 yen.

Credit Saison Co Ltd jumped 23 yen to 1,896 yen.
[/R]

Stocks in Tokyo closed higher and Renesas Electronics Corp soared its daily limit on the news that a private equity company may invest $1.3 billion in the loss making chipmaker.

Market averages traded in a tight range ahead of world central bankers gathering in Jackson Hole, Wyoming and expectations ran high that the European Central Bank will follow through its earlier announcements to support the sovereign bond market.

The Nikkei 225 Stock Average gained 36.52 to 9,069.81, the highest since July 4. The broader Topix Index edged up 3.73 to 750.03.

The yen fell to 78.51 against one dollar and decreased to 98.79 for one euro.

Stocks in Review

Renesas Electronics soared 35% or its daily limit of 80 yen to 308 yen after the Nikkei business daily said private equity firm KKR plans to buy additional shares to acquire a controlling stake in the loss making chipmaker.

Ito En Ltd surged 3% or 45 yen to a 3-year high of 1,548 yen after the company announced a plan to buyback 0.8% of all outstanding shares and open offices in Vietnam and Myanmar.

FamilyMart Co Ltd, the convenience chain operator dropped 65 yen to 3,780 yen, Lawson plummeted 160 yen to 5,900 yen and Seven & I Holdings Co declined 66 yen to 2,489 yen.

Honda Motor Co. slid 3 yen to 2,559 yen and Nissan Motor Co Ltd lowered 1 yen to 750 yen.

Nippon Steel edged up 1 yen to 166 yen and JFE Holdings Inc gained 23 yen to 1,069 yen. Tokyo Steel Manufacturing up 0.7% to 269 yen.

Canon Inc advanced 27 yen to 2,729 yen and Seiko Epson Corp increased 7 yen to 558 yen and Ricoh Co Ltd climbed 24 yen to 651 yen. Sony Corp gained 20 yen at 923.

Panasonic Corp grew 6 yen to 555 yen and Toshiba up 2 yen to 263 yen and Nikon jumped 39 yen to 2,249 yen.

Sharp soared 15 yen or 6.9% to 230 yen after the company said it plans to offer buyouts to 2,000 employees as a part of a plan to eliminate 5,000 positions.

Olympus decreased 1.2% to 1,542 yen, Nintendo Co. Ltd increased 160 yen at 9,010 yen, Fujitsu gained 1.9% to 325 yen and Pioneer Corp. advanced 9 yen or 4.3% to 218 yen.

Daikin Corp declined 3.5% to 2,073 yen after the air-conditioner maker agreed to acquire the U.S. based Goodman Global for 300 billion yen or $3.7 billion. The stock declined on the worry that the company may have overpaid.

Fanuc Ltd climbed 140 yen to 13,140 yen and Komatsu Ltd added 7 yen to 1,637 yen.

Hitachi Construction Machinery Co slumped 9 yen to 1,365 yen.

Yamada Denki increased 10 yen to 4,005 yen. Nitori Holdings Co gained 10 cents to 7,740 yen, apparel retailer Shimamura climbed 70 yen to 9,260 yen and Sagami Co up 3 yen to 132 yen.

Fast Retailing Co. slumped 20 yen to 18,520 yen and J. Front Retailing Co. Ltd closed unchanged at 401 yen.

Kajima Corp closed unchanged at 224 yen and Taisei Corp slid 2 yen to 216 yen. Sekisui House Ltd increased 9 yen to 749 yen and Daito Trust Construction Co Ltd gained 40 yen to 7,700 yen.

Tokyo Tatemono Co., Ltd inched up 1 yen to 273 yen and Mitsui Fudosan climbed 18 yen to 1,507 yen and Sumitomo Realty & Development Co. gained 18 yen to 1,954 yen.

Kansai Electric Power Company, Inc added 4 yen to 598 yen a day after a report in Nikkei business daily said that the company is likely to trim its interim dividend for the first time in 25 years on the earnings uncertainty.

Inpex Corp closed unchanged at 456,000 yen and Japan Petroleum Exploration Co. advanced 25 yen to 3,075 yen.

Mitsui O.S.K. Lines, Ltd slid 2 yen to 199 yen and Kawasaki Kisen Kaisha, Ltd closed unchanged at 105 yen and Nippon Yusen K.K. lowered 2 yen to 166 yen.

Aozora Bank closed unchanged at 238 yen after mid-sized financial institution said it plans to spend 227.6 billion yen over a decade to return 180 billion yen of the bailout from the government and buyback stocks.

Mitsubishi UFJ Financial Group gained 3 yen to 365 yen and Sumitomo Mitsui Financial Group increased 23 yen to 2,492 yen. Nomura Holdings, Inc added 2 yen to 268 yen.

Tokio Marine climbed 30 yen to 1,932 yen and Mito Securities up 0.7% to 137 yen.

Credit Saison Co Ltd jumped 23 yen to 1,896 yen.