Brother, Cosmo Oil, Japan Steel, Promise, Sumitomo Heavy: Equity Movers
Japan’s Nikkei 225 Stock Average fell 119.60, or 1.1 percent, to 10,411.10 at 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.
Aoki Holdings Inc. (8214 JT) soared 11 percent to 1,458 yen, the highest close since August 2008. The men’s suits retailer said in a preliminary earnings statement full-year operating profit totaled 9.95 billion yen ($107 million), 28 percent above its profit outlook, citing less-than-expected costs.
Brother Industries Ltd. (6448 JT) climbed 2.4 percent to 1,080 yen. The office equipment maker said full-year net income rose 29 percent to 19.6 billion yen, aided by lower administration costs. It expects profit to drop 5.8 percent to 18.5 billion yen this fiscal year.
Cosmo Oil Co. (5007 JT) gained 2.4 percent to 255 yen. The company, partly owned by the government of Abu Dhabi, will appoint United Arab Emirates Energy Minister Mohamed Al-Hamli as a director of the board in June, the company said in a statement. Separately, the oil refiner and distributor said it expects to turn to a net income of 18 billion yen this fiscal year.
Dainippon Screen Manufacturing Co. (7735 JT) jumped 4.8 percent to 526 yen. The chip-equipment maker said its full-year operating loss more than tripled to 14 billion yen, as sales dropped by a fourth. The company expects to turn to an operating profit of 11 billion yen this fiscal year on sales growth.
Fuji Electric Holdings Co. (6504 JT) retreated 5.3 percent to 248 yen, while Fanuc Ltd. (6954 JT) rose 3 percent to 10,100 yen. Fuji Electric, an electrical-equipment maker, said it sold 9.899 million shares of Fanuc. Separately, Fuji Electric was cut to “neutral” from “overweight” by JPMorgan Chase & Co.
Fujikura Ltd. (5803 JT) sank 5.5 percent to 463 yen, the steepest drop since May 2009. The electric-cable maker forecast net income for the first-half period will fall 23 percent to 3 billion yen.
Funai Electric Co. (6839 JO) advanced 2.4 percent to 3,610 yen. The audio-visual equipment maker turned to full-year net income of 10.3 billion yen from a loss a year earlier, buoyed by demand growth in China.
Hamamatsu Photonics K.K. (6965 JT) increased 2.5 percent to 2,666 yen. The maker of electron tubes and semiconductors said first-half net income almost quadrupled to 4.88 billion yen from 1.23 billion yen a year earlier, with rising sales.
Horiba Ltd. (6856 JT) advanced 3.3 percent to 2,750 yen. The world’s largest maker of devices that measure automobile emissions said first-quarter net income jumped 43 percent to 1.38 billion yen. The company boosted its full-year profit outlook 56 percent to 5 billion yen on more-than-expected sales and lower administration costs.
Japan Steel Works Ltd. (5631 JT) slumped 4.6 percent to 935 yen, the lowest close since March 2009. The maker of machinery for casts, forged steel and plastics said it expects net income to fall 20 percent to 14 billion yen this fiscal year.
Leopalace21 Corp. (8848 JT) tumbled 7.1 percent to 416 yen, extending yesterday’s daily limit drop of 18 percent, after the real-estate company said in a preliminary earnings statement full-year net loss totaled 79 billion yen, wider than its 35.1 billion yen loss projection, because of charges related to restructuring, room vacancies and impaired assets.
Mizuho Financial Group Inc. (8411 JT) slipped 4.7 percent to 163 yen. The lender will sell about 1 trillion yen in new shares to the public to bolster its capital, according to a person with knowledge of the plan. The Yomiuri newspaper reported the planned sale earlier.
Nihon Spindle Manufacturing Co. (6242 JT) soared by its daily limit of 50 yen, or 31 percent, to 210 yen. Sumitomo Heavy Industries Ltd. (6302 JT) will make Nihon Spindle a wholly owned subsidiary. Sumitomo Heavy will pay 0.38 share for each share of Nihon Spindle, the companies said in a joint statement.
Orix Corp. (8591 JT) slumped 4.9 percent to 7,840 yen. The finance company said full-year operating profit plunged 45 percent to 29.6 billion yen, with falling revenue.
Promise Co. (8574 JT) plunged by its daily limit of 150 yen, or 17 percent, to 713 yen, the steepest loss since at least December 1994. Japan’s second-largest consumer lender by market value cut its planned full-year dividend in half to 10 yen a share.
Other consumer lenders also slumped. Takefuji Corp. (8564 JT) slid 6.4 percent to 335 yen, while Acom Co. (8572 JT) sank 7.6 percent to 1,284 yen.
Shinsei Bank Ltd. (8303 JT) fell 2.6 percent to 113 yen. The Japanese lender partly owned by U.S. investor J. Christopher Flowers posted its second straight full-year loss on additional charges for its consumer-lending unit and increased provisions for domestic real-estate lending.
Sumitomo Heavy Industries Ltd. (6302 JT) jumped 3.9 percent to 593 yen. The machine producer expects a 24 percent gain in net income to 16.5 billion yen this fiscal year, with sales growth.
Sumitomo Mitsui Financial Group Inc. (8316 JT) slumped 3.6 percent to 2,815 yen. The lender decided to double the limit on the number of shares it can issue to about 3 billion, Nikkei English News said. The company said it isn’t planning additional common stock sales.
Tosoh Corp. (4042 JT) rose 3.9 percent to 268 yen, after the chemical company said it expects a 60 percent jump in net income to 11 billion yen this fiscal year, with rising sales.
Ushio Inc. (6925 JT) plummeted 6.2 percent to 1,415 yen, the biggest drop since November 2008. The maker of lamps and optical equipment said full-year operating profit fell 19 percent to 7.26 billion yen. Nomura Holdings Inc. and JPMorgan Chase & Co. lowered their ratings on Ushio to “neutral.”