Best Denki, Inpex, Kurita Water, Oki, Resona, Tsudakoma: Equity Movers
Japan’s Nikkei 225 Stock Average fell 109.71, or 1.1 percent, to 9,685.53 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.
Best Denki Co. (8175 JT) advanced 2.1 percent to 240 yen. The electronics retailer reported first-quarter net income of 263 million yen ($3 million), compared with a net loss a year earlier, buoyed by a gain in same-stores sales and cost cuts.
Kurita Water Industries Ltd. (6370 JT) dropped 2.1 percent to 2,508 yen. The maker of water-treatment equipment was cut to “sell” from “neutral” by Kunio Sakaida, a Tokyo-based analyst at Goldman Sachs Group Inc.
Inpex Corp. (1605 JT) sank 5.1 percent to 418,500 yen. CLSA Asia-Pacific Markets slashed its price estimate on Japan’s largest oil explorer’s to 570,000 yen from 800,000 yen and maintained its “buy” rating.
Oki Electric Industry Co. (6703 JT) slumped 5.2 percent to 73 yen. The communication-equipment maker was lowered to “sell” from “neutral” by Ikuo Matsuhashi, a Tokyo-based analyst at Goldman Sachs Group Inc.
Satori Electric Co. (7420 JT) lost 6.9 percent to 725 yen, the biggest drop since January 2009. The trader of electronic equipment expects a 33 percent gain in operating profit to 2 billion yen this fiscal year, which would be about 1/10th of the previous year’s growth.
Resona Holdings Inc. (8308 JT), Japan’s fourth-largest bank, sank 5.3 percent to 975 yen on speculation it may sell shares to repay government funds.
Sankyo-Tateyama Holdings Inc. (3432 JT) tumbled 6.9 percent to 108 yen. The aluminum-mesh maker expects a 22 percent drop in first-half net income to 1.1 billion yen. It forecast full-year net income will rise 47 percent to 3 billion yen.
Sanyo Denki Co. (6516 JT) rallied 6.5 percent to 475 yen. The maker of small precision motors had its stock-price estimate raised to 700 yen from 460 yen by Yoshihito Hasegawa, an analyst at Mitsubishi UFJ Morgan Stanley Securities Co., who maintained the “strong outperform” rating.
Tsudakoma Corp. (6217 JT) plunged 12 percent to 142 yen, falling the most since October 2008. The textile-machine maker said its first-half net loss narrowed to 1.05 billion yen from a year earlier. The result was wider than the company’s forecast of a loss of 1 billion yen.