Utilities Lead Decliners in Tokyo Trading, Resona and Banks to Loan Sharp

Nigel Thomas
11 Dec, 2012
New York City

The benchmark index in Tokyo edged lower for the second day in a row. Resona Holdings joined a group of three banks to offer an emergency loan of $4.4 billion to Sharp Corp.

[R]7:00 PM Tokyo – The benchmark index in Tokyo edged lower for the second day in a row. Resona Holdings joined a group of three banks to offer an emergency loan of $4.4 billion to Sharp Corp.[/R]

Stocks in Tokyo edged lower and the benchmark index retreated from the recent highs ahead of the Fed meeting ending tomorrow. Resource sector stocks gained after iron ore prices rose to a 5-month high.

The Nikkei 225 Stock Average lowered 8.43 or 0.1% to 9,525.32 and the broader Topix Index slipped 2.41 to 786.07.

The yen edged lower and closed at 82.34 against one dollar.

Stocks in Review

Kansai Electric Power decline 4.3% to 742 yen and Tokyo Electric Power Co declined 1.4% to 138 yen.

The Nuclear Regulatory Authority raised the prospect of an active fault directly beneath Tsuruga No. 2 reactor. The head of investigation team Shunichi Tanaka said the team is unable to judge if the reactor is safe in its current conditions.

Shikoku Electric increased 6 yen to 1,116 yen and Chubu Electric Power Co declined 44 yen or 4.1% to 1,041 yen.

Toyota Motor Corp. slipped 5 yen to 3,530 yen and Honda Motor Co. dropped 32 yen to 2,713 yen and Nissan Motor Co Ltd slumped 5 yen to 765 yen. Mazda Motor Corp closed unchanged at 131 yen. Isuzu Motors Ltd slid 2 yen to 481 yen.

Nippon Steel down 1 yen to 185 yen and JFE Holdings Inc advanced 14 yen to 1,321 yen. Tokyo Steel Manufacturing lowered 1 yen to 303 yen.

Nakayama Steel Works Ltd surged 7% to 46 yen.

All Nippon Airways up 0.6% to 178 yen and. JAL dropped 30 yen to 3,715 yen.

Fujikura Ltd down 2 yen to 234 yen and TDK climbed 45 yen to 3,045 yen. Murata Manufacturing Co added 5 yen to 4,700 yen and Meiko Electronics Co Ltd slumped 1.4% or 724 yen.

Shimano Inc decreased 10 yen to 5,670 yen.

Oki Electric Industry slid 1 yen to 84 yen, Ricoh Co Ltd slipped 9 yen to 736 yen, Sony Corp declined 12 yen to 808 and Seiko Epson Corp up 1 yen to 490 yen. Canon Inc gained 4 yen to 2,997 yen and Nikon dropped 6 yen to 2,197 yen.

Sumco Corp gained 5% to 717 yen after Daiwa Securities lifted its investment rating.

Olympus Corp. down 1 yen to 1,380 yen and Nintendo Co. Ltd dropped 380 yen to 8,870 yen, Fujitsu up 1 yen to 294 yen and Pioneer Corp. slid 1 yen to 208 yen. Sharp Corp surged 14 yen or 6.9% to 218 yen. Panasonic Corp lowered 1 yen to 416 yen.

Sharp gained after three banks and Resona Holdings Inc agreed to offer emergency loans of 360 billion yen or $4.4 billion according to local media reports.

Fanuc Corp. declined 60 yen to 14,240 yen and Komatsu Ltd slumped 19 yen to 1,878 yen. Hitachi Construction Machinery Co decreased 14 yen to 1,464 yen.

Sumitomo Heavy slipped 4 yen to 344 yen.

FamilyMart Co Ltd, the convenience chain operator dropped 15 yen to 3,740 yen and Lawson jumped 40 yen to 5,770 yen. Ito En Ltd lowered 10 yen to 1,544 yen.

Seven & I Holdings Co advanced 25 yen to 2,442 yen.

Fast Retailing Co. increased 220 yen to 19,640 yen and J. Front Retailing Co. Ltd added 1 yen to 410 yen.

Mitsubishi UFJ Financial Group slid 2 yen to 377 yen and Sumitomo Mitsui Financial Group dropped 13 yen to 2,679 yen. Nomura Holdings, Inc slipped 4 yen to 341 yen.

Mitsui O.S.K. Lines, Ltd down 1 yen to 200 yen and Nippon Yusen K.K. lowered to 167 yen.