Bookoff, Clarion, JFE, Kayaba, Nidec-Read, Tokyo Tatemono: Japanese Stocks
Japan’s Nikkei 225 Stock Average fell 75.32, or 0.8 percent, to 9,226.00 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.
Steelmakers: At a rally for Labor Day, President Barack Obama called for an “infrastructure bank” and requested money to rebuild 150,000 miles (241,400 kilometers) of roads, construct and maintain 4,000 miles of rail and overhaul 150 miles of runways.
Separately, benchmark hot-rolled coil prices in China rose 3.5 percent yesterday as steelmakers in Hebei province shut mills after the local government limited electricity supply to reach power efficiency targets.
Nippon Steel Corp. (5401 JT), Japan’s largest steelmaker, jumped 2.4 percent to 297 yen. Kobe Steel Ltd. (5406 JT) increased 1.6 percent to 186 yen, and Sumitomo Metal Industries Ltd. (5405 JT) rose 1 percent to 213 yen.
JFE Holdings Inc. (5411 JT), the nation’s No. 2 mill, advanced 2.4 percent to 2,695 yen. The steelmaker has won an order from China for a system to turn food waste into electricity, according to the company’s website.
Asahi Diamond Industrial Co. (6140 JT) gained 3.2 percent to 1,390 yen. The maker of diamond-tipped tools said it will spend as much as 1.5 billion yen ($17.8 million) to buy back up to 1.66 percent of its outstanding shares through Sept. 22.
Bookoff Corp. (3313 JT) jumped 4.6 percent to 667 yen. The used-book retailer said August same-store sales at 286 stores in Japan rose 4.3 percent from a year earlier.
Clarion Co. (6796 JT) tumbled 9.3 percent to 157 yen, the biggest drop since Sept. 28. The car audio equipment maker will be removed from Japan’s Nikkei 225 Stock Average, according to a Nikkei statement.
Financial Products Group Co. (7148 JQ) was traded at 3,040 yen, 7.9 percent less than the initial offering price of 3,300 yen. The provider of financial services started trading on the Osaka Securities Exchange’s Jasdaq market today.
Kayaba Industry Co. (7242 JT) rallied 5.7 percent to 427 yen, the highest since July 2008. The maker of hydraulic equipment for automobiles said it will repurchase up to 0.5 percent of its total shares.
Nidec-Read Corp. (6833 JO) soared 22 percent to 1,840 yen, the biggest increase on record. The maker of test systems for chips and printed circuit boards said it will conduct a 2-for-1 stock split.
Sumco Corp. (3436 JT) lost 3.9 percent to 1,354 yen, the lowest since July 2009. The maker of silicon wafers for semiconductors was cut to “neutral” from “outperform” by Yukihiko Fukunaga, an analyst at Tachibana Securities Co.
Taiko Pharmaceutical Co. (4574 JT) surged 29 percent to 1,337 yen, the biggest gain on record. The maker of antiseptics rose after the Yomiuri newspaper reported 46 patients have been infected with a drug-resistant bacterium called Acinetobacter at Tokyo’s Teikyo University Hospital over the past year.
Tokyo Tatemono Co. (8804 JT) gained 3.2 percent to 319 yen, and Nippon Electric Glass Co. (5214 JT) advanced 1.4 percent to 1,080 yen. The companies will be added to Japan’s Nikkei 225 Stock Average, according to a Nikkei statement.