AOC, Chiyoda, KU, Tohoku Electric, Yamada: Japanese Stocks
Japan’s Nikkei 225 Stock Average fell 55.07, or 0.6 percent, to 8,947.17 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.
AOC Holdings Inc. (5017) (5017 JT), an oil and gas explorer, tumbled 9.8 percent to 500 yen. The company cut its full-year net-income forecast 55 percent to 1.3 billion yen ($17 million), citing foreign exchange losses and falling prices.
Citizen Holdings Co. (7762) (7762 JT), a watchmaker, fell 2.2 percent to 436 yen. The company cut its full-year net-income projection 22 percent to 7 billion yen after recalculating deferred tax assets and debt.
Chiyoda Corp. (6366) (6366 JT) lost 7.8 percent to 874 yen after CLSA Asia Pacific Markets cut the investment rating on the plant engineering company to “underperform” from “outperform,” citing an expected decline in orders.
Dwango Co. (3715) (3715 JT), which provides Internet content for mobile phones, sank 7.9 percent to 136,500 yen. The company forecast net income will fall 67 percent to 230 million yen in the six months ending March from a year earlier.
Hokuetsu Kishu Paper Co. (3865 JT) slumped 5 percent to 512 yen after CLSA Asia Pacific Markets lowered its equity rating on the maker of paper and pulp products to “underperform” from “outperform.” Hokuetsu yesterday said nine-month operating profit rose 14 percent to 7.55 billion yen.
Japan Drilling Co. (1606) (1606 JT) declined 4.4 percent to 2,508 yen. The offshore driller lowered its full-year net-income forecast 11 percent to 2.88 billion yen.
KU Holdings Co. (9856 JT), a car dealer, surged by its upper daily limit of 80 yen, or 19 percent, to 494 yen, the highest since March 2008. The company said it will buy back as much as 4.43 percent of its outstanding shares. The company raised its full-year net-income forecast 46 percent to 1.75 billion yen.
Nippon Denko Co. (5563) (5563 JT), a maker of metals and industrial chemicals, plunged 11 percent to 335 yen. The company said it expects a 67 percent plunge in net income to 1.5 billion yen this fiscal year, with an 8.7 percent drop in sales.
Showa Denko K.K. (4004) (4004 JT), a chemical products maker, slid 3.6 percent to 162 yen. Net income at Showa Denko rose 34 percent to 17 billion yen, missing its forecast by 19 percent.
Tohoku Electric Power Co. (9506 JT) soared 9.1 percent to 920 yen. The utility restarted the 34-megawatt No. 6 unit at its Niigata thermal power plant today after the unit was automatically halted on Feb. 8, according to a statement on its website. The outage was caused by a faulty pressure transmitter, the statement said.
Tokyo Electric Power Co. (9501 JT) climbed 2.6 percent to 200 yen. The government may acquire more than a third of voting rights of the utility, the Asahi newspaper reported. That would give veto powers to the government over the company’s management decisions, the report said.
Yamada Denki Co. (9831) (9831 JT), an electronics retailer, rallied 9 percent to 5,460 yen after maintaining its full-year net income forecast at 77 billion yen. That was higher than analyst estimates of 70 billion yen.
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