Japan Stocks: All Nippon, Elpida, Jtekt, Komatsu, Softbank
Japan’s Nikkei 225 (NKY) Stock Average rose 169.77, or 1.8 percent, to 9,629.43 at the 3 p.m. close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
All Nippon Airways Co. (9202 JT), Asia’s biggest-listed carrier by sales, increased 2.8 percent to 261 yen. The airline has applied to the government to raise its fuel surcharge on international flights from Aug. 1, the company said in its Website.
Elpida Memory Inc. (6665) (6665 JT), a maker of computer-memory chips, rallied 4.4 percent to 960 yen. Elpida developed a 0.8 millimeter four-layer dynamic random access memory, or DRAM, package for smartphones and tablet computers, according to a statement on its website today. The company said the technology is the world’s thinnest and will allow smartphone and tablet- computer makers to develop slimmer devices.
Futaba Industrial Co. (7241 JT), an auto-parts maker, jumped 5.8 percent to 545 yen. Futaba, an affiliate of Toyota Motor Corp. (7203) (7203 JT), set an operating profit target of 17.5 billion yen and a sales target of 420 billion yen for the year ending March 2014, according to a mid-term business plan. Futaba also said it expects a 22 percent drop in net income to 2.6 billion yen this fiscal year.
Jtekt Corp. (6473) (6473 JT), an autoparts maker, increased 3.2 percent to 1,189 yen. The company forecast net income will rise 20 percent to 24 billion yen this fiscal year.
Juki Corp. (6440) (6440 JT), a sewing machine maker, soared 7.1 percent to 241 yen. Cosmo Securities Co. maintained its “outperform” rating on Juki, saying that demand for industrial sewing machines is increasing in China and other emerging markets, where more people are seeking better clothes or more fancy goods.
Komatsu Ltd. (6301) (6301 JT), Asia’s largest excavator maker by market value, gained 2.5 percent to 2,462 yen. Hitachi Construction Machinery Co. (6305 JT) added 2 percent to 1,749 yen. Credit Suisse Group AG maintained its “outperform” rating on both Komatsu and Hitachi Construction, saying that the construction machinery market in China will likely start to recover in early-October at latest.
Softbank Corp. (9984) (9984 JT), Japan’s third-largest wireless carrier by revenue, climbed 4.4 percent to 2,985 yen. Alibaba Group, Yahoo! Inc. (YHOO US) and Softbank have made “substantive and encouraging” progress toward an agreement regarding Alipay, the companies said in a joint statement on Softbank’s website.
Yonekyu Corp. (2290) (2290 JT), a maker of processed meat products, rose 2.1 percent to 586 yen. Mitsubishi Corp. (8058) (8058 JT), Itoham Foods Inc. (2284) (2284 JT), Yonekyu and Cofco Ltd. (1070Z CH) will jointly invest 10 billion yuan ($1.5 billion) by 2017 through a venture to expand in China’s meat industry. Mitsubishi, Itoham and Yonekyu plan to acquire 33 percent of a Cofco subsidiary by July 2011, according to a statement on Mitsubishi’s website today. Mitsubishi added 1.5 percent to 1,977 yen. Itoham gained 1.2 percent to 339 yen.
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