Japanese Stocks: Fanuc, Fuji Heavy, IHI, Takashimaya, Toyota

Japan’s Nikkei 225 (NKY) Stock Average rose 170.54, or 2 percent, to 8,776.16 as of the 11 a.m. midday 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.

Fanuc Corp. (6954) (6954 JT), a manufacturer of industrial robots, rose 4.6 percent to 11,480 yen. The Tokyo Stock Exchange will remove Tokyo Electric Power Co. (9501 JT) from its Topix Core 30 index, replacing it with Fanuc, according to a statement from the bourse. The change will take effect after the close of trading on Oct. 31. Tokyo Electric climbed 3.2 percent to 227 yen.

IHI Corp. (7013) (7013 JT), a Japanese maker of components used in Rolls-Royce Group Plc and General Electric Co. jet engines, increased 2.9 percent to 177 yen. The company may announce that operating profit rose 3 billion yen more than expected to 17 billion yen for the six months ended Sept. 30, led by higher sales of automobile turbochargers, the Nikkei newspaper reported.

Mitsubishi Heavy Industries Ltd. (7011) (7011 JT) increased 1.6 percent to 322 yen, Fuji Heavy Industries Ltd. (7270) (7270 JT) rose 3.9 percent to 449 yen and Kawasaki Heavy Industries Ltd. (7012) (7012 JT) gained 4.3 percent to 196 yen. Lockheed Martin Corp. told Japan’s defense ministry it will share technology used to manufacture F-35 fighter jets, and let Japanese companies play a role in building components and engines for the aircraft, the Yomiuri newspaper reported.

MK Capital Management Corp. (2478) (2478 JT) was bid at 22,800 yen. The Tokyo asset manager will be bought by closely held Marble Holdings through a tender offer. Marble, an investment firm also based in Tokyo, will offer 35,000 yen a share, spending as much as 5.7 billion yen ($744 million).

Nidec Corp. (6594) (6594 JO), the world’s biggest maker of motors for hard-disk drives, jumped 4.3 percent to 6,350 yen. The company increased its stock buyback plan to as much as 47 billion yen for as many as 6 million shares, or 4.14 percent of its outstanding stock. Nidec earlier planned to repurchase as many as 3 million shares for up to 25 billion yen.

Onward Holdings Co. (8016 JT) dropped 2.1 percent to 619 yen. The apparel maker said net income plunged 93 percent to 76 million yen in the six months ended Aug. 31.

Sakata Seed Corp. (1377) (1377 JT), a seed wholesaler, climbed 4 percent to 1,195 yen. The company said first-quarter net income rose 48 percent to 990 million yen, as foreign exchange and stock valuation losses narrowed from a year earlier.

Suzuki Motor Corp. (7269) (7269 JT), an automaker, fell 2.2 percent to 1,628 yen. The company’s share price rating was lowered to “neutral” from “outperform” by Macquarie Group Ltd. The share price estimate was also cut to 1,700 yen from 1,750 yen.

Takashimaya Co. (8233 JT), a department store operator, jumped 3.3 percent to 589 yen. The company raised its full-year net-income forecast 29 percent to 11 billion yen, citing cost cuts and a recovery from the March 11 earthquake.

Toyota Motor Corp. (7203) (7203 JT) gained 2.1 percent to 2,603 yen. The automaker’s sales in China for September rose 11 percent to 86,400 vehicles, Dow Jones newswires reported. The carmaker may also expand production abroad to counter a strong yen reducing earnings, Chief Financial Officer Satoshi Ozawa said.

Yamaha Corp. (7951) (7951 JT), a manufacturer of musical instruments, dropped 1.5 percent to 767 yen. The company was cut to “sell” from “neutral” by Goldman Sachs Group Inc., which also lowered its share-price target on the stock to 650 yen from 860 yen.

To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net.

To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net

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