Canon, Dena, J Front, Mitsui, Miyachi, Shin-Etsu, Shionogi: Equity Movers
Japan’s Nikkei 225 Stock Average fell 188.03, or 2 percent, to 9,382.64 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.
Canon Inc. (7751 JT) dropped 1.9 percent to 3,330 yen, its lowest close since November 2009. The world’s largest maker of cameras and office equipment filed patent-infringement claims against China’s Ninestar Image International Ltd. and retailers over technology in printer toner cartridges.
Chuo Mitsui Trust & Banking Co. (8309 JT) declined 1.3 percent to 316 yen. The lender said it aims to sell 200 billion yen in ($2.3 billion) in Japanese stock-based investments to overseas pension funds this year as it targets growth abroad.
Dena Co. (2432 JT) tumbled 8.9 percent to 2,344 yen, its steepest decline since July 2009. The operator of auction and shopping Web sites was cut to “hold” from “buy” by Takayoshi Koike, an analyst at Deutsche Bank AG.
J. Front Retailing Co. (3086 JT) slipped 5.5 percent to 432 yen, its steepest fall since May 2009. The clothing retailer cut its full-year sales forecast by 1.1 percent to 959 billion yen.
JFE Holdings Inc. (5411 JT) slid 2 percent to 2,780 yen, its lowest close since November 2009. Japan’s second-largest steelmaker may take a further six months to decide on purchasing a stake in JSW Steel Ltd., according to Sajjan Jindal, vice chairman of JSW.
Kaken Pharmaceutical Co. (4521 JT) gained 4.1 percent to 881 yen, its sharpest climb since February 2009. The Japanese drugmaker said it plans to buy back up to 4.7 percent of its outstanding shares for as much as 4.5 billion yen.
Mitsui & Co. (8031 JT) slid 2 percent to 1,054 yen, its lowest close since July 2009. The trading house had its credit outlook cut to “negative” from “stable” by Standard & Poor’s Ratings Services on concern it may be affected by the oil spill in the Gulf of Mexico.
Nippon Kayaku Co. (4272 JT) rose 3 percent to 765 yen. The chemicals maker said full-year net income was 9.87 billion yen, compared with 3.72 billion yen a year earlier, and more than the company forecast of 9.4 billion yen.
Shin-Etsu Chemical Co. (4063 JT) tumbled 4 percent to 4,175 yen, the lowest close since March 2009. The maker of chemicals and resin was cut to “neutral” from “outperform” by Atsushi Yoshida, an analyst at Mizuho Securities Co.
Shinsei Bank Ltd. (8303 JT) gained 2.7 percent to 76 yen. The lender plans to set up a subsidiary firm that targets companies with up to about 10 billion yen in annual sales, Nikkei English News reported.
Shionogi & Co. (4507 JT) surged 7.2 percent to 1,843 yen, its steepest gain since November 2008. The Japanese drugmaker’s partner AstraZeneca Plc (AZN LN) won a U.S. court ruling that will help prevent generic-drug makers from selling lower-cost copies of their Crestor cholesterol pill until 2016.
Weathernews Inc. (4825 JT) jumped 3.5 percent to 1,250 yen. The weather forecasting service provider was rated “outperform” in new coverage by Tomoaki Kawasaki, an analyst at Cosmo Securities Co. The stock soared 14 percent yesterday after saying its full-year net income rose 20 percent from a year earlier.