Nikkei Extends Losses to 4th Day, Toyota Sales in China Drop 15%

Nigel Thomas
04 Sep, 2012
New York City

The Nikkei index in Tokyo traded lower for the fourth day in a row and tested a 4-week low. Japan Tobacco declined 4% after Russian ministry proposed a ban on smoking in public places. Toyota eased after sales in China declined 15%.

[R]6:00 PM Tokyo – The Nikkei index in Tokyo traded lower for the fourth day in a row and tested a 4-week low. Japan Tobacco declined 4% after Russian ministry proposed a ban on smoking in public palces. Toyota eased after sales in China declined 15%.[/R]

Stocks in Tokyo trading declined for the fourth day in a row and the market indexes traded at a 4-week low.

In the absence of local news, investors remain focused on the central bank announcements later this week in Europe and expect new steps from the U.S. Fed on September 12.

The Nikkei 225 Stock Average slid 8.38 to 8,775.51 and the broader Topix Index edged lowered 1.94 to 726.69.

Stocks in Review

Toyota Motor declined 0.3% to 3,080 yen after the largest automaker said its automobile sales in China dropped 15.1% to 75,300 in August.

Honda Motor Co. gained 18 yen to 2,471 yen and Nissan Motor Co Ltd increased 7 yen to 736 yen.

Nippon Steel closed unchanged at to 152 yen and JFE Holdings Inc climbed 23 yen to 1,007 yen. Tokyo Steel Manufacturing closed up 1 cent at 256 yen.

Canon Inc gained 14 yen to 2,564 yen and Seiko Epson Corp increased 5 yen to 492 yen and Ricoh Co Ltd lowered 1 yen to 609 yen. Sony Corp climbed 14 yen at 890.

Panasonic Corp advanced 17 yen to 535 yen and Toshiba closed unchanged at 249 yen and Nikon increased 6 yen to 2,122 yen.

Sharp Corp. surged 12.4% or 23 yen to 209 yen after the company placed its 9.2% stake in Pioneer Corp with banks to access new loans and not sell its holding. In addition, Taiwan based Hon Hai is looking to have a management role in Sharp as a part of its investment plan in the company.

Olympus added 0.9% to 1,540 yen, Nintendo Co. Ltd climbed 50 yen at 8,720 yen, Fujitsu up 0.6% to 315 yen and Pioneer Corp. gained 9 yen or 4.2% to 222 yen.

Fanuc Ltd increased 150 yen to 12,800 yen and Komatsu Ltd added 2 yen to 1,529 yen. Hitachi Construction Machinery Co gained 12 yen to 1,300 yen.

FamilyMart Co Ltd, the convenience chain operator dropped 70 yen to 3,775 yen, Lawson slumped 130 yen to 5,870 yen and Seven & I Holdings Co declined 48 yen to 2,370 yen. Ito En Ltd slid 3 yen to 1,544 yen.

Yamada Denki advanced 60 yen to 3,790 yen. Nitori Holdings Co slipped 50 cents to 7,840 yen, apparel retailer Shimamura dropped 130 yen to 8,970 yen and Sagami Co slid 4 yen to 118 yen.

Fast Retailing Co. slumped 60 yen to 18,080 yen and J. Front Retailing Co. Ltd slid 1 yen to 397 yen.

Japan Tobacco decreased 4% after the health ministry in Russia proposed a new law that bans smoking in public places.

Kajima Corp down 1 yen to 216 yen and Taisei Corp slid 2 yen to 211 yen. Sekisui House Ltd lowered 1 yen to 737 yen and Daito Trust Construction Co Ltd dropped 50 yen to 7,740 yen.

Tokyo Tatemono Co., Ltd up 2 yen to 263 yen and Mitsui Fudosan closed unchanged at 1,462 yen and Sumitomo Realty & Development Co. increased 6 yen to 1,928 yen.

Oil complex linked stocks closed higher after the immediate month future delivery of crude oil increased 92 cents to $97.29 a barrel in New York trading.

Inpex Corp gained 0.9% to 438,000 yen and Japan Petroleum Exploration Co. slipped 10 yen to 2,974 yen. Tokyo Electric Power Company, Inc. slid 2 yen to 125 yen.

Mitsui O.S.K. Lines, Ltd increased 3 yen to 195 yen and Kawasaki Kisen Kaisha, Ltd closed down 2 yen to 98 yen and Nippon Yusen K.K. up 1 yen to 158 yen.

Mitsubishi UFJ Financial Group added 2 yen to 358 yen and Sumitomo Mitsui Financial Group decreased 12 yen to 2,421 yen. Nomura Holdings, Inc closed unchanged at 264 yen.

Tokio Marine declined 27 yen to 1,866 yen and Mito Securities slid 5 yen to 139 yen.

Credit Saison Co Ltd dropped 25 yen to 1,818 yen.