Best Weekly Gain of 5.5% in Nikkei Since December

Nigel Thomas
19 Oct, 2012
New York City

Nikkei index in Tokyo extended gains for the fourth day in a row as the yen weakened. The Nikkei jumped above 9,000 and closed more than 5% in the best weekly gain since December. China linked stocks advanced on the hopes of deceleration in the growth decline.

[R]7:00 PM Tokyo – Nikkei index in Tokyo extended gains for the fourth day in a row as the yen weakened. The Nikkei jumped above 9,000 and closed more than 5% in the best weekly gain since December. China linked stocks advanced on the hopes of deceleration in the growth decline.[/R]

Stocks in Tokyo traded higher and extended gains for the fourth day and for the week gained the most since December.

The Nikkei 225 Stock Average gained 19.82 to 9,002.68 and the broader Topix Index added 2.09 to 754.39. For the week, the Nikkei climbed 5.5%.

The market sentiment has been on the recovery after China reported a deceleration in the decline yesterday and retail sales and fixed investments growth stabilized.

Investors are looking ahead at the Bank of Japan meeting on October 30 and expecting another stimulus action from the central bank. The sentiment has shifted from the possibility of a stimulus to the size as investors expect a strong action from the central bank to support asset prices.

Stocks in Review

NEC jumped 10%, the most in the Nikkei 225 index, to 137 yen after its operating profit in the six months ended Sept 30 soared to 47 billion yen or $592 million from 6.8 billion yen a year ago.

Japan Tobacco dropped 1.6% to 2,315 yen after Russian Deputy Prime Minister Olga Golodets said that the anti-tobacco law approved by the government will be with the lawmakers in the next week.

Yahoo Japan declined 2.3% after Google reported third quarter earnings and revenues that missed expectations and Microsoft reported sales decline of 22% as customers delayed the purchase of Windows 8.

Japan Airlines Co Ltd closed unchanged at 3,805 yen.

Mitsui O.S.K. Lines, Ltd slipped 4 yen to 195 yen and Kawasaki Kisen Kaisha, Ltd lowered 2 yen to 102 yen and Nippon Yusen K.K. down 1 yen to 153 yen.

Toyota Motor gained 5 yen to 3,140 yen, Honda Motor Co. increased 28 yen to 2,585 yen and Nissan Motor Co Ltd climbed 11 yen to 709 yen.

Nippon Steel slid 3 yen to 176 yen and JFE Holdings Inc decreased 4 yen to 1,096 yen. Tokyo Steel Manufacturing soared 19 yen or 7.4% to 277 yen.

TDK slipped 5 yen to 3,080 yen, Murata Manufacturing Co closed unchanged at 4,130 yen and Meiko Electronics Co Ltd lowered 0.6% or 627 yen.

Canon Inc climbed 30 yen to 2,649 yen and Seiko Epson Corp surged 27 yen or 5.7% to 497 yen and Ricoh Co Ltd increased 6 yen to 748 yen. Sony Corp closed unchanged at 983.

Panasonic Corp added 2 yen to 518 yen, Nikon increased 14 yen to 2,011 yen and Toshiba Corp, gained 5 yen to 287 yen.

Olympus Corp. slid 0.9% to 1,390 yen, Nintendo Co. Ltd slumped 300 yen to 10,380 yen, Fujitsu gained 8 yen to 314 yen and Pioneer Corp. increased 9 yen to 190 yen. Sharp Corp added 1 yen to 149 yen.

Machinery makers advanced after a regional manufacturing report released by the Federal Reserve of Philadelphia showed an increase and also leading indicators index also advanced.

Fanuc Corp. climbed 500 yen to 13,290 yen and Komatsu Ltd jumped 47 yen to 1,752 yen. Hitachi Construction Machinery Co gained 24 yen to 1,392 yen.

FamilyMart Co Ltd, the convenience chain operator slumped 10 yen to 3,750 yen and Lawson advanced 60 yen to 5,780 yen. Ito En Ltd slipped 11 yen to 1,548 yen.

Seven & I Holdings Co dropped 10 yen to 2,426 yen.

Yamada Denki plummeted 85 yen to 3,325 yen. Nitori Holdings Co decreased 20 cents to 6,890 yen, apparel retailer Shimamura declined 230 yen to 8,240 yen and Sagami Co surged 11 yen or 10.1% at 120 yen.

Fast Retailing Co. dropped 100 yen to 16,910 yen and J. Front Retailing Co. Ltd lowered 5 yen to 419 yen.

Credit Saison Co Ltd plummeted 81 yen to 1,795 yen.

Tokyo Tatemono Co., Ltd slumped 6 yen to 334 yen and Mitsui Fudosan gained 3 yen to 1,644 yen and Sumitomo Realty & Development Co. increased 8 yen to 2,200 yen.

Inpex Corp slid 0.7% to 486,500 yen and Japan Petroleum Exploration Co. climbed 30 yen to 3,490 yen. Tokyo Electric Power Company, Inc. lowered 2 yen to 136 yen.

Mitsubishi UFJ Financial Group up 1 yen to 373 yen and Sumitomo Mitsui Financial Group closed unchanged at 2,471 yen. Nomura Holdings, Inc added 1 yen to 292 yen.