Dainippon Sumitomo, JFE, Nissan, Onkyo, Renown, Toray: Japanese Stocks
Japan’s Nikkei 225 Stock Average fell 298.51, or 3.1 percent, to 9,459.89 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.
Bank of The Ryukyus Ltd. (8399 JT) surged 5.1 percent to 1,076 yen, rising the most since Nov. 26. The regional bank based in Okinawa prefecture plans to repay public funds by buying back preferred shares from the government on Oct. 1, the company said.
Daiken Corp. (7905 JT) soared 13 percent to 234 yen, the steepest gain since December 2008. The maker of housing materials said it will meet the press with Panasonic Electric Works Co. (6991 JT) on a “management matter.” Panasonic Electric slipped 1.7 percent to 920 yen.
Dainippon Sumitomo Pharma Co. (4506 JT) climbed 5.2 percent to 715 yen, the biggest advance since Aug. 24. The drugmaker was raised to “outperform” from “neutral” by Fumiyoshi Sakai, an analyst at Credit Suisse Group AG.
JFE Holdings Inc. (5411 JT), Japan’s second-largest steelmaker, retreated 4.1 percent to 2,887 yen. The company’s share price estimate was lowered to 3,100 yen from 3,900 yen by Atsushi Yamaguchi, an analyst at UBS AG.
Kobe Steel Ltd. (5406 JT) lost 4.3 percent to 179 yen, the sharpest drop since Sept. 28. The steelmaker’s share price estimate was lowered to 180 yen from 200 yen by Atsushi Yamaguchi, an analyst at UBS AG.
Komai Tekko Inc. (5915 JT) jumped 5.5 percent to 213 yen. Haltec Corp. (5916 JT) climbed 5.3 percent to 138 yen. The companies said in a joint statement they signed a contract to merge.
Nissan Motor Co. (7201 JT) declined 4.7 percent to 647 yen, the lowest since Dec. 1. The carmaker is recalling about 41,649 vehicles over a steering component, according to a statement from the U.S. National Highway Traffic Safety Administration.
Nisshin Steel Co. (5407 JT) tumbled 5.9 percent to 160 yen. Japan’s fifth-largest steelmaker had its share price estimate lowered to 180 yen from 210 yen by Atsushi Yamaguchi, an analyst at UBS AG.
Onkyo Corp. (6729 JQ) advanced 4.8 percent to 152 yen. The audio system maker and Inventec Co. (2356 TT) will form a venture in China to produce speakers for personal computers and televisions, Nikkei Telecom reported, without saying where it got the information.
Renown Inc. (3606 JT) soared 26 percent to 241 yen, the highest close since September 2008. The apparel maker said it will sell 4 billion yen ($44.6 million) in new shares to Chinese apparel manufacturer Shandong Ruyi Science & Technology Group Co.
Shionogi & Co. (4507 JT) increased 1.4 percent to 1,602 yen. The drugmaker was raised to “outperform” from “neutral” at Credit Suisse Group AG by equity analyst Fumiyoshi Sakai.
Toray Industries Inc. (3402 JT) plunged 8.4 percent to 457 yen, its steepest decline since October 2008. The maker of synthetic fiber plans to raise as much as 109.5 billion yen by selling as many as 230 million shares to the public.