Breaking News

Endurance Ends $3.2 Billion Hostile Bid for Aspen Insurance
Tweet TWEET

Bookoff, Clarion, JFE, Kayaba, Nidec-Read, Tokyo Tatemono: Japanese Stocks

Japan’s Nikkei 225 Stock Average fell 21.52, or 0.2 percent, to 9,279.80 at the 11 a.m. trading break in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.

Steelmakers: At a rally for Labor Day, President Barack Obama called for an “infrastructure bank” and requested money to rebuild 150,000 miles (241,400 kilometers) of roads, construct and maintain 4,000 miles of rail and overhaul 150 miles of runways.

Separately, benchmark hot-rolled coil prices in China rose 3.5 percent yesterday as steelmakers in Hebei province shut mills after the local government limited electricity supply to reach power efficiency targets.

Nippon Steel Corp. (5401 JT), Japan’s largest steelmaker, jumped 3.1 percent to 299 yen. Kobe Steel Ltd. (5406 JT) increased 1.6 percent t o 186 yen, and Sumitomo Metal Industries Ltd. (5405 JT) rose 1.9 percent to 215 yen.

JFE Holdings Inc. (5411 JT), the nation’s No. 2 mill, advanced 4.3 percent to 2,743 yen. The steelmaker has won an order from China for a system to turn food waste into electricity, according to the company’s website.

Asahi Diamond Industrial Co. (6140 JT) jumped 5.4 percent to 1,420 yen. The maker of diamond-tipped tools said it will spend as much as 1.5 billion yen ($17.8 million) to buy back up to 1.66 percent of its outstanding shares through Sept. 22.

Bookoff Corp. (3313 JT) surged 4.9 percent to 669 yen. The used-book retailer said August same-store sales at 286 stores in Japan rose 4.3 percent from a year earlier.

Clarion Co. (6796 JT) tumbled 7.5 percent to 160 yen. The car audio equipment maker will be removed from Japan’s Nikkei 225 Stock Average, according to a Nikkei statement.

Financial Products Group Co. (7148 JQ) was traded at 3,100 yen, less than the initial offering price of 3,300 yen. The provider of financial services started trading on the Osaka Securities Exchange’s Jasdaq market today.

Kayaba Industry Co. (7242 JT) rallied 4.5 percent to 422 yen, headed for its highest close since July 2008. The maker of hydraulic equipment for automobiles said it will repurchase up to 0.5 percent of its total shares.

Mitsubishi Chemical Holdings Corp. (4188 JT) climbed 2.4 percent to 429 yen. The chemicals maker was raised to “buy” from “outperform” by Daiwa Securities Group Inc. analyst Shinobu Takeuchi.

Nidec-Read Corp. (6833 JO) soared 23 percent to 1,860 yen, the biggest increase on record. The maker of test systems for chips and printed circuit boards said it will conduct a 2-for-1 stock split.

Taiko Pharmaceutical Co. (4574 JT) surged 20 percent to 1,243 yen, the biggest gain on record. The maker of antiseptics rose after the Yomiuri newspaper reported 46 patients have been infected with a drug-resistant bacterium called Acinetobacter at Tokyo’s Teikyo University Hospital over the past year.

Tokyo Tatemono Co. (8804 JT) surged 3.6 percent to 320 yen, and Nippon Electric Glass Co. (5214 JT) advanced 2.2 percent to 1,088 yen. The companies will be added to Japan’s Nikkei 225 Stock Average, according to a Nikkei statement.

To contact the reporters on this story: Kana Nishizawa in Tokyo at knishizawa5@bloomberg.net; Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.