Japan Stocks: Kamigumi, Mitsubishi Motors, Olympus, Shoei Foods
Japan’s Nikkei 225 Stock Average rose 22.88 point, or 0.2 percent, to 10,316.77 at the close. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Kamigumi Co. (9364 JT), a port-harbor transportation company, rose 1.9 percent to 704 yen. The company said it will buy back up to 1.9 percent of its outstanding shares for up to 3.5 billion yen ($41.9 million).
Mitsubishi Heavy Industries Ltd. (7011 JT), a heavy machinery maker, rose 2.6 percent to 312 yen. Areva SA said they will begin producing nuclear fuel at a 50-50 venture in Richland, Washington State, in the second half of this decade. Mitsubishi’s nuclear fuel unit announced the plan in a faxed statement.
Mitsubishi Motors Corp. (7211 JT) surged 8.5 percent to 128 yen, the steepest gain since December 2009, and Nissan Motor Co. (7201 JT) increased 0.3 percent to 809 yen. The automakers agreed to begin joint development of mini vehicles with the possibility of setting up a venture, the Nikkei newspaper reported.
Nippon Kayaku Co. (4272 JT), a chemicals maker, advanced 4.3 percent to 852 yen, the highest close since October 2009. The stock was rated “buy” in new coverage by Nomura Holdings Inc. analyst Motoya Kohtani.
Nippon Television Network Corp. (9404 JT), a Tokyo-based commercial television broadcaster, rose 2.4 percent to 12,550 yen. The stock was raised to “outperform” from “neutral” by Taro Ishihara, an analyst at Daiwa Securities Group Inc.
NTN Corp. (6472 JT), a bearing maker, jumped 5.2 percent to 449 yen. Credit Suisse Group AG raised its rating to “outperform” from “neutral.”
Olympus Corp. (7733 JT), an optical-equipment maker, increased 3.6 percent to 2,556 yen. The company’s stock rating was raised to “buy” from “hold” by Yoshikazu Higurashi, a Tokyo-based analyst at Deutsche Bank AG.
Shoei Foods Corp. (8079 JT), a food-trading company, tumbled 6.4 percent to 515 yen. The company said full-year net income was 1.41 billion yen, less than its forecast of 1.45 billion yen.
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