Mitsubishi, Dainippon Screen, IKK, JFE, Komatsu, Nabtesco: Japan Stocks
Japan’s Nikkei 225 Stock Average rose 210.08, or 2.3 percent, to 9,430.96 as of the close of trading in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Shipping lines: Mitsui O.S.K. Lines Ltd. (9104 JT), Kawasaki Kisen Kaisha Ltd. (9107 JT) and Nippon Yusen K.K. (9101 JT) are increasing container-ship services to Africa as demand for goods in the region has grown, the Nikkei newspaper reported. Mitsui O.S.K. jumped 5.4 percent to 587 yen, the biggest gain since Jan. 14. Kawasaki Kisen advanced 3.2 percent to 355 yen. Nippon Yusen rose 2.2 percent to 331 yen.
Dainippon Screen Manufacturing Co. (7735 JT) leapt 3.9 percent to 426 yen. The maker of chip production equipment may report orders climbed to 50 billion yen ($574 million) in the quarter ended in June, Nikkei English News said. That’s 56 percent more than the previous quarter, according to the report.
Daiwa Securities Group Inc. (8601 JT) rallied 3.4 percent to 369 yen. Japan’s second-largest brokerage expects to boost revenue from Asia-related business to 160 billion yen in fiscal 2011, Chief Executive Officer Shigeharu Suzuki said in a statement.
Hitachi Ltd. (6501 JT) gained 4 percent to 340 yen. The electronics and industrial group’s first-quarter earnings were likely better than expected, Reuters reported, citing Chairman Takashi Kawamura. Demand for electronic components for cars and semiconductor-making equipment boosted its performance, Reuters quoted Kawamura as saying at a business seminar.
Hoshizaki Electric Co. (6465 JT) jumped 6 percent to 1,558 yen. The kitchen equipment maker’s shares gained as temperatures soared in Japan, spurring demand for refrigerators and ice- making machines.
IKK Inc. (2198 JQ) traded at 1,072 yen, down from the initial offering price of 1,320 yen. The provider of wedding services will be listed on the Osaka Securities Exchange’s Jasdaq Securities Exchange.
JFE Holdings Inc. (5411 JT) advanced 5 percent to 2,698 yen. Japan’s second-largest steelmaker plans to invest about $1 billion in India’s JSW Steel Ltd. (JSTL IN), said a person with direct knowledge of the deal.
Koa Corp. (6999 JT) surged 6.5 percent to 904 yen. The electronic-parts maker was raised to “strong outperform” from “outperform” at Mitsubishi UFJ Morgan Stanley Securities Co.
Komatsu Ltd. (6301 JT) rallied 4.3 percent to 1,796 yen. The world’s second-largest maker of construction equipment may further raise its earnings forecast for this fiscal year “so long as China doesn’t collapse,” Chairman Masahiro Sakane said.
Kubota Corp. (6326 JT) advanced 3.5 percent to 681 yen. The maker of industrial machinery will invest 3.79 billion yen to open a plant in China’s Jiangsu province. Production is expected to begin in January 2012, with output reaching 14,000 units by 2018, Kubota said in a statement on its website.
Mitsubishi Corp. (8058 JT) increased 3.8 percent to 1,893 yen. The trading company aims to trim investment in non- financial companies to 1,000 holdings by March 2013 from 1,200, Nikkei English News cited President Ken Kobayashi as saying.
Mitsubishi Estate Co. (8802 JT) climbed 4.4 percent to 1,215 yen. Japan’s biggest property developer by market value was raised to “buy” from “neutral” at Nomura Holdings Inc.
Nabtesco Corp. (6268 JT) surged 4.8 percent to 1,313 yen. The maker of hydraulic equipment may boost operating profit 56 percent to 5.7 billion yen in the year ending March 2011, on strong sales in China, the Nikkei newspaper reported.
Obayashi Corp. (1802 JT) rose 4.1 percent to 381 yen. The general contractor was rated “buy” in new coverage at Deutsche Bank AG.
Right On Co. (7445 JT) sank 3.1 percent to 538 yen, the lowest close since September 2002. The retailer of jeans and casual wear said same-store sales declined 19 percent in the month to July 20 as transactions fell 17.4 percent.