Japan Stocks: Bridgestone, Hitachi Zosen, Itochu, Olympus, TDK
Japan’s Nikkei 225 (NKY) Stock Average rose 165.09, or 1.9 percent, to 8,843.98 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.
Metal firms: Toho Zinc Co. (5707 JT), Sumitomo Metal Mining Co. (5713 JT) and other metal companies advanced after the London Metal Exchange Index of prices for six industrial metals including zinc and copper rallied 4.7 percent on Oct. 21, the biggest gain since August 2009.
Toho Zinc climbed 5 percent to 314 yen. Sumitomo Metal rose 5.1 percent to 1,058 yen. Osaka Titanium Technologies Co. (5726) (5726 JT) gained 5.4 percent to 3,885 yen.
3-D Matrix Ltd. (7777 JQ), a biomedical company, was traded at 1,305 yen, 38 percent less than its initial offering price of 2,100 yen. The company started trading on the Osaka Securities Exchange’s Jasdaq Growth market today.
Bridgestone Corp. (5108) (5108 JT), the world’s biggest tiremaker, rallied 4.1 percent to 1,764 yen. The company will spend a record 300 billion yen ($3.9 billion) next year to expand production to meet rising demand from emerging markets, Chief Financial Officer Akihiro Eto said. Bridgestone also aims to boost annual sales to 3.6 trillion yen by fiscal year 2012 and set capital spending at 250 billion yen a year to 2016, according to a statement on its mid-term business plan.
Hitachi Zosen Corp. (7004) (7004 JT), a manufacturer of environmental equipment, slumped 2.7 percent to 107 yen. The company said its first-half net income ended Sept. 30 was 1.6 billion yen, less than the 3 billion yen forecast, according to a preliminary earnings statement.
Itochu Corp. (8001) (8001 JT) advanced 4 percent to 760 yen. The trading company has agreed to sell Speedy, the French car-repair unit of Kwik-Fit Group Ltd., the daily Le Figaro said, citing Itochu.
Olympus Corp. (7733) (7733 JT), a maker of endoscopes and cameras, plunged 11 percent to 1,099 yen, the lowest since October 1998. The company said it will form a third-party committee including attorneys and accountants to investigate the company’s past acquisitions. Olympus said it’s preparing to respond to queries from shareholders asking about $687 million in payments to advisers in the purchase of Gyrus Group Plc.
TDK Corp. (6762) (6762 JT), the world’s biggest maker of magnetic heads for disk drives, soared 8.3 percent to 2,967 yen after Seagate Technology Plc (STX US) surged 28 percent on Oct. 21, as the world’s largest maker of computer disk drives reported first-quarter earnings that beat analysts’ estimates by 8.3 percent, Bloomberg data show.
Nidec Corp. (6594) (6594 JO), a maker of precision motors used in hard-disk drives, gained 4.1 percent to 6,160 yen.
Toho Gas Co. (9533 JT) lost 5.9 percent to 461 yen. JPMorgan Chase & Co. cut the gas supplier’s investment rating to “underweight” from “neutral.”
Tokyo Broadcasting System Holdings Inc. (9401) (9401 JT), a TV broadcaster, advanced 3.2 percent to 963 yen. DeNA Co. (2432 JT) rose 3.5 percent to 3,215 yen. Tokyo Broadcasting said it’s in talks with DeNA to sell the BayStars baseball team to the social media website operator.
Tokyo Electric Power Co. (9501 JT), the utility known as Tepco, soared 8 percent to 284 yen. The company will sell all its uranium mining rights for several tens of billion yen, the Yomiuri newspaper reported. Separately, Tepco plans to sell stock holdings worth 300 billion yen in the year ending March 2012 to raise funds to compensate victims affected by the Fukushima nuclear disaster, the Nikkei newspaper reported.
To contact the editor responsible for this story: Nick Gentle at email@example.com