Japan Stocks: Kansai Electric, Nippon Express, Tepco, Topcon
Japan’s Nikkei 225 (NKY) Stock Average lost 111.86, or 1.2 percent, to 9,380.35 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.
Kansai Electric Power Co. (9503 JT), a utility, tumbled 8.9 percent to 1,202 yen, its lowest close since Dec. 1984. The company’s share price target was reduced to 1,350 yen from 2,150 yen by Mitsubishi UFJ Morgan Stanley Securities Co. The investment rating was unchanged at “neutral.”
Nippon Express Co. (9062 JT), a freight company, rose 2.6 percent to 314 yen. The company was raised to “outperform” from “neutral” at Mitsubishi UFJ Morgan Stanley Securities Co. The 12-month target price was left unchanged at 370 yen.
Sony Corp. (6758) (6758 JT), Japan’s largest exporter of consumer electronics, declined 3.2 percent to 2,062 yen. The company said it contacted the U.S. Federal Bureau of Investigation and took action to protect its websites after confirming intrusions by a group of hackers. The company also said its European unit’s website was hacked while no protected data was compromised in the attack.
Tokyo Electric Power Co. (9501 JT), the utility that owns the crippled Fukushima Dai-Ichi nuclear plant, tumbled 28 percent to 207 yen, its biggest decline, falling to its lowest close since at least Sept. 1974. Radiation readings from inside the utility’s No. 1 reactor building at the Fukushima Dai-Ichi facility were as high as 4,000 millsieverts an hour, the highest recorded at the plant, Kyodo News reported, citing Tepco data.
Separately, the utility is expected to post a full-year net loss of around 570 billion yen ($7.09 billion) on a parent basis, the Tokyo Shimbun reported, citing an internal document.
Tokyo Stock Exchange President Atsushi Saito said the utility should undergo restructuring similar to Japan Airlines Co., the Asahi newspaper reported. The exchange responded to the report by saying Tepco, as the utility is known, doesn’t currently meet requirements for the shares to be delisted.
Topcon Corp. (7732) (7732 JT), a maker of measuring equipment, gained 6.9 percent to 447 yen. The company forecast its first- half net loss will be 1.2 billion yen, compared with a 1.3 billion yen loss a year earlier.
Touei Housing Corp. (8875) (8875 JT), a homebuilder, advanced 3.9 percent to 931 yen. The company said first-quarter revenue rose 47 percent to 23.4 billion yen, while operating profit gained 36 percent to 2.09 billion yen.
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