Tokyo Stocks Rebound; JFE Holdings, ANA, Shikoku Electric Ruse

Nigel Thomas
29 Nov, 2012
New York City

Stocks in Tokyo rebounded from the sell-off in previous session. Electric utilities closed higher on the prospect of a rate hike next year. Steelmaker JFE Holdings gained on the speculation of positive cash flow.

[R]7:00 PM Tokyo – Stocks in Tokyo rebounded from the sell-off in previous session. Electric utilities closed higher on the prospect of a rate hike next year. Steelmaker JFE Holdings gained on the speculation of positive cash flow.[/R]

Stocks in Tokyo traded higher after a loss in yesterday’s session on the reigning optimism that policy and central bank stance may change after the next general election scheduled in less than three weeks.

The Nikkei 225 Stock Average climbed 92.53 or 1% to 9,400.88 and the broader Topix Index jumped 8.05 or 1% to 779.44.

The yen edged higher and closed at 82.04 against one dollar.

Utilities traded higher after the Nikkei reported Shikoku Electric may seek 10% increase in residential rates.

Stocks in Review

Shikoku Electric gained 2% to 1,100 yen and Chubu Electric Power Co added 3.5% to 1,100 yen.

Toyota Motor Corp. jumped 40 yen to 3,515 yen and Honda Motor Co. advanced 54 yen to 2,726 yen and Nissan Motor Co Ltd increased 19 yen to 792 yen. Mazda Motor Corp gained 4 yen to 129 yen. Isuzu Motors Ltd climbed 3.1% to 485 yen.

Nippon Steel added 5 yen to 192 yen and JFE Holdings Inc advanced 43 yen to 1,261 yen. Tokyo Steel Manufacturing increased 6 yen to 290 yen.

JFE Holdings gained 3.5% after Nikkei business daily said the steelmaker is expected to generate in the current fiscal year positive cash flow of 100 billion yen or $1.2 billion.

Nakayama Steel Works Ltd soared 55% to 62 yen after the company was reported in talks with at least five banks led by Mitsubishi UFJ Financial Group.

ANA gained 4.1% to 178 yen after Kyodo News reported that the airline will acquire eight new slots at Haneda airport and Japan Airlines Co will receive three. JAL gained 0.9% to 3,750 yen.

Fujikura Ltd gained 4 yen to 236 yen and TDK climbed 75 yen to 3,205 yen. Murata Manufacturing Co jumped 40 yen to 4,540 yen and Meiko Electronics Co Ltd added 1.4% or 660 yen.

Shimano Inc advanced 60 yen to 5,370 yen.

Oki Electric Industry up 1 yen to 78 yen, Ricoh Co Ltd gained 12 yen to 771 yen, Sony Corp closed unchanged at 803 and Seiko Epson Corp climbed 22 yen to 495 yen. Canon Inc jumped 32 yen to 2,849 yen and Nikon advanced 43 yen to 2,186 yen.

Olympus Corp. down 5 yen to 1,370 yen and Nintendo Co. Ltd increased 100 yen to 10,090 yen, Fujitsu gained 9 yen to 306 yen and Pioneer Corp. added 5 yen to 196 yen. Sharp Corp rose 5 yen to 169 yen. Panasonic Corp closed unchanged at 401 yen.

Sharp gained after the company was reported to be in talks with Dell for an investment as much as $240 million. The news was first reported by Wall Street Journal.

Fanuc Corp. climbed 130 yen to 13,950 yen and Komatsu Ltd jumped 21 yen to 1,826 yen. Hitachi Construction Machinery Co increased 26 yen to 1,420 yen.

Sumitomo Heavy added 3 yen to 338 yen.

FamilyMart Co Ltd, the convenience chain operator increased 20 yen to 3,605 yen and Lawson dropped 20 yen to 5,480 yen. Ito En Ltd gained 5 yen to 1,520 yen.

Seven & I Holdings Co rose 4 yen to 2,363 yen.

Fast Retailing Co. advanced 60 yen to 18,490 yen and J. Front Retailing Co. Ltd added 1 yen to 396 yen.

Mitsubishi UFJ Financial Group added 3 yen to 376 yen and Sumitomo Mitsui Financial Group increased 16 yen to 2,608 yen. Nomura Holdings, Inc gained 5 yen to 341 yen.

Mitsui O.S.K. Lines, Ltd jumped 8 yen or 4.1% to 204 yen and Nippon Yusen K.K. gained 6 yen to 175 yen.