Biznet, Aichi, Gunze, Mitsui, Nintendo, Takefuji, Tokyu Land: Japan Stocks
Japan’s Nikkei 225 Stock Average fell 67.75, or 0.7 percent, 9,999.40 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.
Machine tools makers: OKK Corp. (6205 JT) soared 11 percent to 157 yen, while Tsugami Corp. (6101 JT) jumped 8.8 percent to 694 yen, the highest since April 2007. Japanese machine tool orders rose 192 percent in May from a year earlier, the Japan Machine Tool Builders’ Association said yesterday.
Aichi Steel Corp. (5482 JT) increased 3.3 percent to 376 yen. The specialty steelmaker has developed materials used in auto motors, the company said in a release dated yesterday on its website.
Biznet Corp. (3381 JQ) surged by its upper daily limit of 30 yen, or 40 percent, to 105 yen, the steepest advance since July 2, 2009. The distributor of office supplies said in a preliminary earnings statement that full-year operating profit amounted to 330 million yen, triple its 110 million profit outlook, on administration cost cuts.
Gunze Ltd. (3002 JT) advanced 3.1 percent to 303 yen. The maker of underwear, socks and textiles said it will buy back as much as 0.47 percent of its shares.
Mitsubishi Steel Manufacturing Co. (5632 JT) soared 13 percent to 202 yen, its sharpest gain since October 2008. The steel-products maker’s spring and special steel operations will likely turn to operating profit this fiscal year on rebounding demand for cars and construction machinery, the Nikkei newspaper reported.
Mitsui & Co. (8031 JT), a trading house whose unit holds a stake in the BP Plc-operated field leaking oil in the Gulf of Mexico, rose 2.2 percent to 1,165 yen. BP has agreed to form a $20 billion escrow account to pay for damages.
Nintendo Co. (7974 JO) gained 5.2 percent to 27,890 yen. The world’s biggest maker of portable video-game players was boosted to “buy” from “neutral” by Yuki Nakayasu, a Tokyo- based analyst at UBS AG. Also, Nintendo may buy back its shares, “but only if a specific need arises,” Reuters reported, citing the company’s president Satoru Iwata.
Takefuji Corp. (8564 JT) jumped 6 percent to 302 yen. Japan’s third-largest consumer lender by market value will repay 41.4 billion yen of convertible bonds, a company official said.
Tokyu Land Corp. (8815 JT) lost 3.7 percent to 340 yen, after the property developer was cut to “sell” from “neutral” by Sachiko Okada, a Tokyo-based analyst at Goldman Sachs Group Inc. Tokyo Tatemono Co. (8804 JT), whose stock-price estimate was lowered to 340 yen by Goldman, slumped 2.8 percent to 315 yen and Nomura Real Estate Holdings Inc. (3231 JT) slid 2.3 percent to 1,237 yen after the developer had its target price reduced to 1,440 yen by Goldman.