Daihen, Ito, Mitsui, Nichirei, Nitori, Token, Yamada Denki: Japan Stocks
Japan’s Nikkei 225 Stock Average rose 103.52, or 1.1 percent, to 9,542.65 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.
Daihen Corp. (6622 JT) soared 11 percent to 396 yen. The maker of welding machines and industrial robots was raised to “neutral” from “underperform” by Ken Murakoshi, an analyst at Mizuho Securities Co.
Furukawa Electric Co. (5801 JT) advanced 3.2 percent to 389 yen. The wire and cable producer began production of glass substrates for hard disk drives last month. Furukawa will make 1 million substrates a month at a plant in Chiba, near Tokyo for the time being. The company plans to increase output to 20 million a month in three years.
Ito En Ltd. (2593 JT) extended yesterday’s gain, rising 3.5 percent to 1,370 yen, the largest increase since Dec. 3. The maker of green tea was raised to “neutral plus” from “neutral” by Morio Oshima, an analyst at Mizuho Investors Securities Co.
Mitsui & Co. (8031 JT) plunged 5.8 percent to 1,099 yen, the lowest close since Oct. 5. The trading company holds a stake in the BP Plc-operated oil field where the Gulf of Mexico disaster is unfolding.
Nichirei Corp. (2871 JT) jumped 3.8 percent to 355 yen, gaining the most since Oct. 27. The seafood maker plans to spend about 5 billion yen ($54.9 million) to buy back its own shares over two years starting in next fiscal year, the Nikkei newspaper reported without saying how it obtained the information.
Nissha Printing Co. (7915 JT) extended yesterday’s decline, falling 3.8 percent to 2,413 yen, its lowest close since March 2009. The maker of film for screens used in mobile phones had its 12-month share-price estimate cut to 2,200 yen from 2,800 yen by Michiko Kakiya, an analyst at Macquarie Group Ltd.
Nitori Co. (9843 JT) climbed 4.4 percent to 7,800 yen, the highest close since Sept. 28. The furniture retailer intends to spend about 130 billion yen to expand its store network to 500 by February 2017, Nikkei English News reported, citing people it said were familiar with the plan.
Omron Corp. (6645 JO) surged 6 percent to 2,024 yen. The electronics maker said its wholly-owned subsidiary will set up a production base to manufacture backlights for liquid crystal displays in China and start production in August.
Token Corp. (1766 JT) surged 11 percent to 2,629 yen, the biggest increase since November 2008. The homebuilder had 3.86 billion yen in net income for the year ended April 30, higher than the company’s forecast of a 964 million yen profit, citing cost cuts, according to a preliminary earnings statement.
Yamada Denki Co. (9831 JT) tumbled 6.1 percent to 5,740 yen, the steepest drop since Oct. 2. The electronics retailer was cut to “sell” from “neutral” by Sho Kawano, an analyst at Goldman Sachs Group Inc.
Zeon Corp. (4205 JT) advanced 4 percent to 543 yen. The maker of synthetic rubber said it will spend as much as 3 billion yen to repurchase up to 2.1 percent of its outstanding shares.