Nikkei Halts 3-Day Rally, Toyota Lifts Annual Outlook

Nigel Thomas
05 Nov, 2012
New York City

Stocks in Tokyo halted a 3-day rally on a weakness in regional trading and commodities prices declined. Utilities closed lower after regulators delayed a decision to reopen nuclear power plant. Toyota lifted its annual net profit outlook after the close.

[R]7:00 PM Tokyo – Stocks in Tokyo halted a 3-day rally on a weakness in regional trading and commodities prices declined. Utilities closed lower after regulators delayed a decision to reopen nuclear power plant. Toyota lifted its annual net profit outlook after the close.[/R]

Stocks in Tokyo halted a 3-day rally after a weakness in regional markets and weak commodities prices.

The Nikkei 225 Stock Average dropped 43.78 or 0.5% to 9,007.44 and the broader Topix Index slid 4.14 to 747.95.

The yen dipped to 80.36 to a dollar and traded at 104.09 against the euro.

In trading, 1.46 billion shares changed hands compared to 1.88 billion shares in Friday’s trading.

Stocks in Review

Sharp Corp plunged 6.7% and extended losses for the fourth day in a row after Fitch Ratings lowered struggling TV maker’s long term debt rating to B- from BBB- and left the outlook negative. The company may be forced to ask for a government agency bailout as the deadline for 200 billion yen convertible bond maturing in 2013 approaches.

Japan Airlines Co Ltd gained 5 yen to 3,905 yen and All Nippon Airways up 0.6% to 168 yen.

Japan Tobacco increased 0.3% to 2,241 yen.

Mitsui O.S.K. Lines, Ltd lowered 3 yen to 190 yen and Kawasaki Kisen Kaisha, Ltd down 2 yen to 108 yen and Nippon Yusen K.K. slid 3 yen to 157 yen.

Toyota Motor Corp. climbed 70 yen to 3,210 yen and after the close automaker estimated full-year net profit of $9.7 billion.

For the quarter to September, Toyota reported net income of 257.92 billion yen or $3.2 billion compared to 80.42 billion yen in the quarter a year ago. Revenues increased 18% to 5.41 trillion yen despite the sales decline in China after consumer boycotted Japanese products.

Nissan Motor Co Ltd increased 5 yen to 691 yen.

Nippon Steel lowered 2 yen to 176 yen and JFE Holdings Inc slid 3 yen to 1,152 yen. Tokyo Steel Manufacturing fell 1 yen to 258 yen.

Fujikura Ltd up 0.4% to 224 yen after the company lowered its full-year net income forecast 50% to 2 billion yen on higher competition at home and abroad.

TDK jumped 23 yen to 2,853 yen after the company lowered its full year outlook yesterday.

Murata Manufacturing Co declined 50 yen to 4,150 yen and Meiko Electronics Co Ltd slumped 3% or 616 yen.

Shimano Inc dropped 20 yen to 5,070 yen.

Ricoh Co Ltd increased 4 yen to 660 yen, Sony Corp declined 21 yen to 913 and Seiko Epson Corp slid 2 yen to 443 yen.

Canon Inc slumped 33 yen to 2,556 yen, Nikon dropped 46 yen to 1,882 yen and Olympus Corp. added 0.4% to 1,391 yen.

Nintendo Co. Ltd plummeted 70 yen to 10,160 yen, Fujitsu declined 11 yen to 283 yen and Pioneer Corp. slipped 8 yen to 181 yen. Sharp Corp plunged 11 yen or 6.7% to 154 yen.

Panasonic Corp extended losses for the second week in a row and declined 23 yen or 5.6% to 388 yen after the electronics maker reversed its estimate for the year to 765 billion yen loss from 50 billion yen profit estimate in May on the weak sales and restructuring costs.

Fanuc Corp. dropped 40 yen to 13,310 yen and Komatsu Ltd slipped 13 yen to 1,773 yen. Hitachi Construction Machinery Co lowered 3 yen to 1,417 yen.

Ebara Corp dropped 10% to 294 yen after the pump maker said its loss tripled to 1.05 billion yen in six months to the end of September. Sales declined 7% and the company lowered its full-year net income 19% to 10.5 billion yen.

FamilyMart Co Ltd, the convenience chain operator increased 5 yen to 3,815 yen and Lawson slumped 10 yen to 5,790 yen. Ito En Ltd decreased 10 yen to 1,526 yen.

Seven & I Holdings Co declined 32 yen to 2,439 yen.

Yamada Denki plunged 255 yen or 7.5% to 3,170 yen after the electronics retailer lowered its operating profit outlook by 39% to 57.3 billion yen in the year to March.

Nitori Holdings Co dropped 270 yen or 4.2% to 6,180 yen, apparel retailer Shimamura slumped 160 yen to 8,100 yen and Sagami Co closed unchanged at 119 yen.

Fast Retailing Co. slipped 110 yen to 17,310 yen and J. Front Retailing Co. Ltd decreased 6 yen to 411 yen.

Inpex Corp dropped 1.3% to 434,500 yen and Japan Petroleum Exploration Co. climbed 39 yen to 2,940 yen. Tokyo Electric Power Co, Inc. lowered 2 yen to 132 yen.

Mitsubishi UFJ Financial Group down 1 yen to 361 yen and Sumitomo Mitsui Financial Group slipped 7 yen to 2,468 yen. Nomura Holdings, Inc decreased 6 yen to 293 yen.