Japan Stocks: Dainippon Screen, Nippon Steel, Sojitz, Toyota
Japan’s Nikkei 225 Stock Average (NKY) rose 109.97, or 1.3 percent, to 8,646.43 as of 9:30 a.m. in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Dainippon Screen Manufacturing Co. (7735 JT), a chip- equipment maker, gained 3.5 percent to 629 yen. Nomura Holdings Inc. boosted the investment rating on Dainippon Screen to “buy” from “neutral,” saying demand from South Korea’s memory-chip makers will likely grow.
Japan Tobacco Inc. (2914) (2914 JT), a cigarette maker, rose 2.1 percent to 372,500 yen. Domestic sales volume rose 40 percent in November from a year earlier, the company said in a release.
Nippon Steel Corp. (5401 JT) gained 2.6 percent to 197 yen, while Sumitomo Metal Industries Ltd. (5405 JT) advanced 2.9 percent to 142 yen. Japanese regulators will approve a merger of the steel producers, the Asahi newspaper said. The companies aim to complete the tie-up by October 2012, according to the report.
Olympus Corp. (7733) (7733 JT), the scandal-hit camera maker, gained 3.7 percent to 1,250 yen. The company may file its earnings without having an auditor sign off on the statement so it can meet a Dec. 14 deadline, Jiji Press said. Auditing firms are unlikely to finish checking corrections to past and current reports by the filing date, Jiji said. The company has admitted hiding decades of losses.
Sojitz Corp. (2768 JT), a trading company, lost 2.4 percent to 124 yen. The company expects a loss of 12 billion yen ($155 million) for the year ending March 31, citing charges related to deferred tax assets, according to a filing with the Tokyo Stock Exchange. The forecast compares with a previous projection of 16 billion in net income.
Sugi Holdings Co. (7649 JT), a drugstore chain, climbed 3.1 percent to 2,193 yen. The retailer’s sales at stores open for at least 13 months rose 2.5 percent in November compared with a year earlier.
Toyota Motor Corp. (7203 JT), Asia’s biggest carmaker by market value, added 2.1 percent to 2,690 yen. Nomura Holdings boosted the investment rating to “buy” from “neutral,” saying “the company is more likely to see a V-shaped recovery in earnings” in the fiscal year ending March 2013. Toyota cut its profit forecast 54 percent on Dec. 9, saying Thailand’s floods hurt production.
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