Japan Stocks: Nippon Yusen, Sony, United Urban Investment
Japan’s Nikkei 225 (NKY) Stock Average fell 0.1 percent to 9,452.53 at the midday trading break in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Shipping lines: Nippon Yusen K.K. (9101 JT) led shipping lines shares higher after the Baltic Dry Index, a gauge of cargo rates, rose for a third day yesterday. Nippon Yusen gained 2.1 percent to 297 yen. Mitsui O.S.K. Lines Ltd. (9104 JT) rose 0.2 percent to 425 yen. Kawasaki Kisen Kaisha Ltd. (9107) (9107 JT) advanced 0.8 percent to 264 yen.
Chubu Electric Power Co. (9502 JT), a utility, rose 2.1 percent to 1,252 yen. The company, which had decided to shut down reactors at its Hamaoka nuclear station following the government’s orders, expects to increase its electric power supply by at most 730,000 kilowatts by resuming operations at thermal power plants and changing the schedules of regular inspections, Chubu Electric said on its website yesterday.
Cmic Co. (2309 JT), a provider of medical research related services, jumped 6 percent to 1,325 yen. The company has agreed with a wholly-owned unit of Sugi Holdings Co. (7649 JT) to buy the three affiliates engaging in clinical tests. Cmic also said it has started talks to form a business alliance with Sugi Holdings. Sugi declined 0.3 percent to 1,893 yen.
Jeans Mate Corp. (7448) (7448 JT), a retailer of casual clothing, tumbled 7.3 percent to 241 yen. The company said same-store sales in the month ended May 20 declined by 20 percent from the same month a year earlier due to plunging customer traffic.
Riken Technos Corp. (4220) (4220 JT), a maker of synthetic resin, rallied 4.6 percent to 274 yen. The company said it will buy back up to 1.63 percent of its outstanding shares.
Sony Corp. (6758) (6758 JT), Japan’s No. 1 electronics exporter, gained 2.3 percent to 2,262 yen. Sony, which reported a full- year net loss of 260 billion yen ($3.2 billion) for the past fiscal year, said it expects to turn to profit in fiscal 2011.
Toko Electric Corp. (6921) (6921 JT), an affiliate of Tokyo Electric Power Co. (9501 JT), plunged 8.1 percent to 395 yen. Toko Electric forecast net income will plunge 68 percent to 250 million yen this fiscal year, with falling sales. Tokyo Electric rose 0.3 percent to 335 yen.
United Urban Investment Corp. (8960) (8960 JT), a real estate investment trust, sank 2.7 percent to 92,300 yen. The REIT plans to raise as much as 62.8 billion yen by selling shares to the public. The company said it also plans to acquire four properties in Tokyo and its surrounding prefectures for 20.8 billion yen in June.
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