Japan Stocks: Canon, Ito En, JFE, Jtekt, Promise, Terumo
Japan’s Nikkei 225 (NKY) Stock Average fell 158.85, or 1.7 percent, to 9,449.47 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.
Beverage makers: Ito En Ltd. (2593) (2593 JT), Coca-Cola West Co. (2579 JT) and other beverage makers gained after Tokyo authorities said infants should not be given tap water to drink after finding traces of radioactive iodine, as radiation at a nuclear power plant north of the capital hampered efforts to repair reactors damaged by a tsunami. Ito En gained 3 percent to 1,391 yen. Coca-Cola jumped 5.6 percent to 1,454 yen. Asahi Breweries Ltd. (2502) (2502 JT) advanced 2.6 percent to 1,476 yen. Kirin Holdings Co. (2503 JT) rose 1.9 percent to 1,103 yen.
Also, water treatment equipment makers advanced. Kurita Water Industries Ltd. (6370) (6370 JT) rose 2.8 percent to 2,367 yen. Organo Corp. (6368) (6368 JT) jumped 8.4 percent to 580 yen. Nihon Trim Co. (6788 JT), which makes water purifiers and cartridges for its water treatment systems, soared 14 percent to 1,900 yen.
Car-parts makers: Jtekt Corp. (6473) (6473 JT) and Toyota Boshoku Corp. (3116) (3116 JT), autoparts makers partly owned by Toyota Motor Corp. (7203) (7203 JT), slumped after the world’s biggest carmaker said it will halt operations at all its domestic car-assembly plants through March 26. Jtekt tumbled 6.1 percent to 976 yen. Toyota Boshoku lost 5.3 percent to 1,133 yen. Toyota Motor slid 1.2 percent to 3,305 yen.
Autoparts makers also declined. NTN Corp. (6472) (6472 JT), a bearing maker, sank 5.7 percent to 382 yen and its rival NSK Ltd. (6471) (6471 JT) lost 5.2 percent to 677 yen. Stanley Electric Co. (6923 JT), a maker of head lights and lamps for cars, slipped 5.7 percent to 1,315 yen.
Canon Inc. (7751) (7751 JT), the world’s largest maker of cameras, advanced 2.2 percent to 3,715 yen. The company resumed partial production at a plant in Hirosaki in Aomori prefecture today, according to Miyuki Watanabe, a company spokeswoman.
Izumiya Co. (8266 JT), a supermarket operator, jumped 5.8 percent to 367 yen. The retailer said in a preliminary earnings statement that full-year net income totaled 750 million yen ($9.3 million), higher than its estimate of 200 million yen profit, due to less-than-expected loan loss-related costs.
JFE Holdings Inc. (5411) (5411 JT), Japan’s second-largest steelmaker, slid 2.3 percent to 2,433 yen. The company will cut its supply of steel slabs to Dongkuk Steel Mill Co. by 300,000 tons this year because of production disruption from the March 11 earthquake, the Seoul Economic Daily reported, citing industry officials it didn’t name.
Nippon Hotel Fund Investment Corp. (8985) (8985 JT), a real-estate investment trust, jumped 6.9 percent to 261,000 yen. The REIT said it plans to raise 3.6 billion yen by selling 15,831 shares to two investors. The proceeds will be used to acquire property.
Nippon Yakin Kogyo Co. (5480 JT), a stainless-steel producer, slumped 5.2 percent to 181 yen. The company widened its forecast full-year net loss to 10 billion yen from 1.1 billion yen a year earlier.
Nissha Printing Co. (7915 JT), a maker of film for screens used in mobile phones, fell 3.6 percent to 1,721 yen. The company was cut to “underperform” from “neutral” by Yu Yoshida, a Tokyo-based analyst at Credit Suisse Group AG.
Okasan Securities Group Inc. (8609) (8609 JT), a brokerage firm, fell 2.7 percent to 319 yen. The company said it plans to pay a full-year dividend of 5 yen per share. It paid a dividend of 7.5 yen a year earlier.
Promise Co. (8574 JT), Japan’s second-biggest consumer lender by market value, dropped 3.8 percent to 614 yen. The company’s long-term foreign and local currency issuer default ratings were cut to BBB- from BBB by Fitch Ratings. The outlook is negative, Fitch said.
PSC Inc. (3649 JQ), a company that manages information for medical institutions, was traded at 1,024 yen, 2.4 percent higher than its initial offering price of 1,000 yen. The company started trading on the Osaka Securities Exchange’s Jasdaq Standard market.
Taiheiyo Cement Corp. (5233) (5233 JT), Japan’s biggest cement maker, increased 3.4 percent to 153 yen, the highest since September 2009. The company, which had no dividend payout a year earlier, decided to pay a dividend of 2.5 yen per share for the fiscal year ending in March.
Terumo Corp. (4543) (4543 JT), a maker of medical devices, lost 4.1 percent to 4,105 yen. The company cut its full-year net income forecast by 12 percent to 32.1 billion yen, citing costs from a series of earthquakes in northeast of Japan and payments from a settlement with the U.S. Food and Drug Administration.
Tokyo Electric Power Co. (9501 JT), operator of its crippled Fukushima Dai-Ichi nuclear plant, slumped 4.5 percent to 1,049 yen. Engineers at Japan’s stricken nuclear plant are unable to connect power to one of four damaged reactors, marring progress to cool the fuel rods. A level of 500 millisieverts per hour “days ago” at the No. 2 reactor turbine forced workers to suspend repairs and they have yet to restart, Hidehiko Nishiyama, a spokesman for the Japan Nuclear and Industrial Safety Agency, told reporters.
Uny Co. (8270 JT), a department-store chain, gained 4.7 percent to 690 yen. The retailer said in a preliminary earnings statement full-year net income amounted to 5.8 billion yen, 23 percent more than its 4.7 billion yen profit forecast.
Wowow Inc. (4839) (4839 JT), Japan’s first satellite broadcaster, jumped 5.7 percent to 141,600 yen. The Tokyo Stock Exchange approved the company to move its shares to the bourse’s first section from its Mothers section on March 29, Wowow said in a release.
Yokogawa Electric Corp. (6841) (6841 JT), a maker of electronic measuring tools, fell 2.5 percent to 615 yen. The company will take a 3.9 billion yen charge this fiscal year after 261 workers applied for early retirement, Yokogawa Electric said in a statement.
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