Japan Stocks: Enplas, Fuji Heavy Industries, Mitsubishi Motors
Japan’s Nikkei 225 (NKY) Stock Average fell 3.26, or less than 0.1 percent, to 8,678.89 at the close in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Insurance stocks: Tokio Marine Holdings Inc. (8766) (8766 JT), a property and casualty insurer, dropped 4.1 percent to 1,763 yen. Jefferies Japan Ltd. cut the rating on the stock to “underperform” from “buy,” citing the possibility that natural disasters in Japan, Thailand and the U.S. would weigh on earnings. It also downgraded MS&AD Insurance Group Holdings (8725) Inc. (8725 JT), a policy writer, to “underperform” from “hold.” The stock fell 3.7 percent to 1,518 yen. Sony Financial Holdings Inc. (8279 JT), an insurance provider, dropped 5.1 percent to 1,146 yen after Goldman Sachs Group Inc. reduced its rating to “neutral” from “buy.”
Enplas Corp. (6961) (6961 JT), a maker of engineering plastic products, jumped 8.6 percent to 1,561 yen. The company had a net loss of 250 million yen ($3.3 million) for the six months through September, compared with its forecast for a 450 million yen loss, according to a statement to the Tokyo Stock Exchange. Enplas cited the yen’s appreciation for the result, and said it had yet to factor in the effects of flooding in Thailand.
Fuji Heavy Industries Ltd. (7270) (7270 JT), a maker of passenger cars and buses, gained 3.2 percent to 484 yen. JPMorgan Chase & Co. raised its rating to “overweight” from “neutral,” citing the company’s limited exposure to countries where profitability is expected to fall, including India and China.
Mitsubishi Motors Corp. (7211) (7211 JT) advanced 1 percent to 100 yen. The automaker’s operating profit quadrupled to 28 billion yen in the first half, the Nikkei newspaper reported, without citing a source.
PanaHome Corp. (1924) (1924 JT), a builder of prefabricated houses, advanced 2.6 percent to 560 yen. The company said net income beat its forecast by 36 percent, surging to 3 billion yen for the six months through September, attributing the results partly to demand for temporary housing. The need for such accommodation has risen since the March earthquake.
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org.