Japan Stocks: Bridgestone, Mizuho, MTI, Panasonic, Tepco
Japan’s Nikkei 225 (NKY) Stock Average rose 488.57, or 5.7 percent, to 9,093.72 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Carmakers: Toyota Motor Corp. (7203) (7203 JT), the world’s biggest carmaker rallied 9.1 percent to 3,345 yen as carmakers and suppliers began to reopen factories closed after the nation’s strongest earthquake on record last week.
Nissan Motor Co. (7201 JT) climbed 6.2 percent to 741 yen. Honda Motor Co. (7267 JT) rose 3.9 percent to 3,090 yen. Mazda Motor Corp. (7261) (7261 JT) soared 8.3 percent to 169 yen. Mitsubishi Motors Corp. (7211) (7211 JT), an automaker that plans to reopen its three plants in Japan on March 17, gained 6.8 percent to 94 yen.
Bridgestone Corp. (5108) (5108 JT), the world’s biggest tiremaker, soared 7 percent to 1,689 yen, the biggest gain since June 2009. The company restarted production today at three plants in Tochigi, Japan, the company said in a faxed statement.
Fuji Fire & Marine Insurance Co. (8763 JT), a casualty insurer, rose 4.3 percent to 145 yen, after American International Group Inc. affirmed its commitment to buy the shares of the Japanese insurer it doesn’t already own.
JX Holdings Inc. (5020) (5020 JT), Japan’s biggest refiner, jumped 8.5 percent to 483 yen. The company resumed shipments by sea from its refinery in Negishi, Kanagawa prefecture, yesterday.
Kenko Mayonnaise Co. (2915 JQ), a mayonnaise maker, jumped 8.2 percent to 649 yen, after falling as much as 2 percent earlier today. The company will sell shares to the public for 576 yen each to raise as much as 865.2 million yen ($11 million), according to a filing with Japan’s finance ministry.
Mitsubishi Materials Corp. (5711) (5711 JT), Japan’s third-largest copper producer, rose 8.4 percent to 244 yen. The company has declared force majeure on concentrate shipments to its Onahama smelter after an earthquake and tsunami halted power supply on March 11.
Mizuho Financial Group Inc. (8411) (8411 JT) gained 5.4 percent to 137 yen. Mizuho Trust & Banking Co. (8404 JT) climbed 7.5 percent to 72 yen. Mizuho Financial Group, Japan’s third-largest bank by market value, will turn Mizuho Trust into a wholly owned unit.
MTI Ltd. (9438) (9438 JQ), a mobile-telecommunication-service provider, surged 22 percent to 122,900 yen. The company said it will buy back as much as 2.2 percent of its shares.
Osaka Securities Exchange Co. (8697 JQ), an operator of Japan’s biggest market for startups, rallied 6 percent to 413,000 yen. President Michio Yoneda said he still aims to discuss a tie-up with Tokyo Stock Exchange Group Inc. President Atsushi Saito.
Panasonic Corp. (6752) (6752 JT), the world’s largest maker of plasma televisions, soared 7.4 percent to 930 yen, the sharpest rise since July 2009. The company plans to boost production of dry-cell batteries in Japan and may start importing the product from overseas factories to meet surging demand for disposable batteries after last week’s earthquake, said spokesman Akira Kadota.
Skymark Airlines Inc. (9204) (9204 JT), Japan’s biggest low-cost carrier, surged 14 percent to 909 yen. The airline said it will provide extraordinary flight services at airports between Ibaraki and Haneda as well as between Ibaraki and Kobe for lower fees than usual as its quake aid measures.
Tokyo Electric Power Co. (9501 JT) plunged by its daily limit of 300 yen, or 25 percent, to 921 yen, the lowest close since December 1982. Asia’s largest utility, known as Tepco, said a fire broke out at the No. 4 reactor of the Fukushima Dai- Ichi nuclear power plant today. Tepco said the water temperature of the spent fuel pools in its Fukushima Dai-Ichi Nos. 5 and 6 reactors are rising.
Touei Housing Corp. (8875) (8875 JT), a homebuilder, leapt 10 percent to 840 yen. The company said net income in the year ended Jan. 31 doubled to 6.8 billion yen.
United Urban Investment Corp. (8960) (8960 JT), a real-estate investment trust, soared 17 percent to 93,600 yen, the biggest advance since its listing of December 2003. The company canceled its plan to sell shares to domestic and overseas investors after taking into account market conditions following the earthquake.
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