Japan Stocks: Alps Electric, Panasonic, Sanyo, Sumitomo Metal
Japan’s Nikkei 225 Stock Average fell 10.65, or 0.1 percent, to 10,359.88 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.
Aeon Mall Co. (8905 JT), a shopping-mall operator, jumped 5.2 percent to 2,232 yen, set for the highest close since August 2009. The company said operating profit for the nine months to Nov. 20 increased 10 percent to 28 billion yen ($334 million) with a 4.5 percent gain in sales.
Alps Electric Co. (6770 JT), an electronic components maker, rose 5.2 percent to 892 yen, headed for the highest close since June 21. The company will double production of touch panels in fiscal 2011, the Nikkei newspaper reported without saying where it obtained the information. The company aims to have a 50 percent increase in sales to about 30 billion yen, according to the report.
Canon Inc. (7751 JT), the world’s biggest camera maker, climbed 2 percent to 4,270 yen, on course for the highest close since April 30. The company may post operating profit of 400 billion yen for this year, an increase of 84 percent, the Nikkei newspaper reported, without saying where it obtained the information.
Hitachi Metals Ltd. (5486 JT), a metal products maker, advanced 2.7 percent to 991 yen. The company and Molycorp Inc. (MCP US) of the U.S. agreed to consider forming ventures to make alloys and magnets from neodium, a type of rare earth. The companies plan to reach a decision in the first quarter of next year, Hitachi Metals said in a statement to the Tokyo Stock Exchange.
Kakaku.com Inc. (2371 JT), a price-comparison website company, declined 3.4 percent to 475,000 yen. The company had its rating reduced to “neutral” from “outperform” at Mitsubishi UFJ Morgan Stanley Securities Co.
Mitsubishi Chemical Holdings Corp. (4188 JT), a chemical products maker, gained 2.8 percent to 554 yen, a level not seen since September 2008. Mitsubishi Rayon Co. (3404 JP), a unit of Mitsubishi Chemical, agreed with Beijing Originwater Technology Co. (300070 CH) to form a venture in China to make wastewater- treatment products.
Opt Inc. (2389 JQ), an Internet advertising agency, climbed 3.3 percent to 119,500 yen. The company plans to raise 123 million yen by selling 1,200 existing shares to Culture Convenience Club Co. (4756 JT), a video rental chain, according to a filing with the nation’s finance ministry. Dentsu Inc. (4324 JT), Japan’s largest advertising company, will sell a 14.4 percent stake in Opt to Culture Convenience Club, cutting its holding in the company to 20.42 percent. Culture Convenience Club dropped 0.2 percent to 458 yen. Dentsu dropped 1 percent to 2,550 yen.
Sanyo Electric Co. (6764 JT) sank 4.4 percent to 131 yen. Panasonic Electric Works Co. (6991 JT) retreated 4.4 percent to 1,055 yen. Panasonic Corp. (6752 JT), the world’s largest maker of rechargeable batteries, will make the companies its wholly- owned subsidiaries, according to a statement.
Panasonic said 0.115 shares of its shares will be allotted and delivered in exchange for each share of Sanyo. The company also said it will swap one Panasonic Electric Works share for 0.925 Panasonic share. Panasonic slid 0.8 percent to 1,160 yen.
Sumitomo Metal Mining Co. (5713 JT), a non-ferrous metal miner, rose 3.4 percent to 1,413 yen. Mitsubishi UFJ Morgan Stanley Securities Co. rated the company “outperform” in new coverage.
To contact the editor responsible for this story: Nick Gentle at email@example.com.