Japan Stocks: Honda, Inpex, Itochu, Nippon Shokubai, Sony
Japan’s Nikkei 225 (NKY) Stock Average fell 145, or 1.5 percent, to 9,859.20 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.
Hitachi Cable Ltd. (5812) (5812 JT), a maker of power cables and optical fiber, lost 3.6 percent to 188 yen. The company booked 13 billion yen ($161 million) in net loss for the year ended March 31, compared with a 9.1 billion yen loss it had a year ago.
Honda Motor Co. (7267 JT), an automaker, dropped 4.7 percent to 3,075 yen. The company halted production at a parts- making unit in China after the March 11 Japan earthquake disrupted supplies, the National Business Daily reported on May 4, citing unidentified company workers.
Idemitsu Kosan Co. (5019 JT), an oil refiner, fell 2.9 percent to 9,150 yen. The company forecast net income will drop 6.1 percent to 57 billion yen this year.
Inpex Corp. (1605) (1605 JT), Japan’s biggest energy explorer, tumbled 6.2 percent to 563,000 yen, the biggest drop since July 9. Japan Petroleum Exploration Co. (1662) (1662 JT), the second-biggest oil driller, declined 3.6 percent to 3,760 yen. Crude oil for June delivery plunged 8.6 percent to $99.80 a barrel yesterday, the lowest settlement in New York since March 16.
Itochu Corp. (8001) (8001 JT), a trading company, climbed 2 percent to 871 yen. The company forecast full-year net income will jump 49 percent to 240 billion yen. Itochu plans to invest 800 billion yen over two years in businesses including energy and machinery, according to a statement to the Tokyo Stock Exchange today.
Net One Systems Co. (7518 JT), a communications-network designer, gained 2.6 percent to 157,800 yen, the highest close since August 2009. The company was raised to “buy” from “outperform” at Daiwa Securities Capital Markets.
Nippon Shokubai Co. (4114 JT), a chemicals maker, sank 5.6 percent to 1,001 yen. The company forecast a 22 percent drop in net income to 16.5 billion yen for the year ending in March 2012.
Pacific Metals Co. (5541 JT), Japan’s top ferro-nickel producer, lost 4.4 percent to 594 yen. The company had its rating reduced to “neutral” from “buy” at Daiwa Securities Capital Markets.
Sony Corp. (6758) (6758 JT), the maker of PlayStation game consoles, retreated 2.3 percent to 2,262 yen. Sony Online Entertainment, a unit that makes role-play games, suspended service after discovering a hacker gained access to 23,400 credit card and debit records from non-U.S. customers.
Sumitomo Osaka Cement Co. (5232 JT), a cement maker, increased 2.2 percent to 233 yen. The company had its rating raised to “buy” from “outperform” at Daiwa Securities Capital Markets.
Tokyo Electric Power Co. (9501 JT), the operator of the Fukushima Dai-Ichi nuclear power plant, jumped 6.8 percent to 455 yen. Victim compensation from Tokyo Electric Power’s nuclear accident may amount to 4 trillion yen, the Asahi newspaper reported, citing government estimates. The total assumes that the utility raises electricity prices to help pay for the compensation, the report said, without citing where it obtained the information.
To contact the editor responsible for this story: Nick Gentle at email@example.com.