Japan Stocks: Corona, Hoosiers, Japan Tobacco, Olympus, Shoei
Japan’s Nikkei 225 (NKY) Stock Average rose 195.30, or 2.25 percent, to 8,864.16 as of the 3 p.m. trading close in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Corona Corp. (5909) (5909 JT), a maker of air-conditioners, heaters and household equipment, gained 8.3 percent to 1,299 yen. The company boosted its full-year dividend forecasts to 24 yen per share from 18 yen.
Hoosiers Corp. (8907) (8907 JT), which designs and sells condominiums, surged by its upper daily limit of 5,000 yen, or 20.3 percent, to 29,660 yen. The company boosted its net income forecast for the year ending March 31 by 16 percent to 3.55 billion yen ($46.2 million).
Ibiden Co. (4062 JT), a maker of electronic parts and ceramics, jumped 7.8 percent to 1,788 yen. Citigroup Inc. maintained its “buy” rating of the stock, saying demand from smart-phone makers for components should continue to grow.
Olympus Corp. (7733 JP), an optical-equipment maker, jumped 7.4 percent to 2,225 yen. Citigroup initiated coverage of the stock with a “buy” rating, saying the stock is attractive in the mid-to long-term. Olympus will benefit from demand in developing markets for digestive endoscopes, an area where the company already has 70 percent of the world’s market, Citi said.
Shoei Co. (3003 JT), a property developer, fell 8.6 percent to 618 yen. The firm expects a net loss of 2 billion yen for the year ending Dec. 31, compared with a previous forecast for profit of 1.6 billion yen.
Tokyo Electric Power Co. (9501), the utility that operates the stricken Fukushima Dai-Ichi nuclear plant, slid 5.9 percent to 335 yen. The head of Japan’s banking lobby reiterated the country’s lenders won’t forgive loans to Tokyo Electric if asked to do so by the government. Katsunori Nagayasu, head of the Japanese Bankers Association, spoke at a news conference in Tokyo.
Mitsubishi UFJ Financial Group Inc. (8306) (8306 JT), Japan’s biggest lender, gained 4.6 percent to 345 yen. Sumitomo Mitsui Financial Group Inc. (8316 JT), the No. 2, advanced 4.1 percent to 2,181 yen.
Tyo Inc. (4358) (4358 JQ), a producer of TV-commercials, fell 14.3 percent to 78 yen. The company reported net income of 688 million yen for the year ended July 31, compared with a net loss of 322 million yen a year earlier.
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