Bloomberg News

Japanese Stocks: Fanuc, Fuji Heavy, IHI, Nikon, Takashimaya

October 11, 2011

Oct. 11 (Bloomberg) -- Japan’s Nikkei 225 Stock Average rose 168.06, or 2 percent, to 8,773.68 as of the 3 p.m. close of trading in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.

Fanuc Corp. (6954 JT), a manufacturer of industrial robots, rose 4.3 percent to 11,450 yen. The Tokyo Stock Exchange will remove Tokyo Electric Power Co. (9501 JT) from its Topix Core 30 index, replacing it with Fanuc, according to a statement from the bourse. The change will take effect after the close of trading Oct. 31. Tokyo Electric climbed 3.6 percent to 228 yen.

IHI Corp. (7013 JT), a Japanese maker of components used in Rolls-Royce Group Plc and General Electric Co. jet engines, increased 2.9 percent to 177 yen. The company may announce that operating profit rose 3 billion yen more than expected to 17 billion yen for the six months ended Sept. 30, led by higher sales of automobile turbochargers, the Nikkei newspaper reported, without saying where it obtained the information.

Mitsubishi Heavy Industries Ltd. (7011 JT) increased 2.2 percent to 324 yen, Fuji Heavy Industries Ltd. (7270 JT) rose 3.5 percent to 447 yen and Kawasaki Heavy Industries Ltd. (7012 JT) gained 4.3 percent to 196 yen. Lockheed Martin Corp. told Japan’s defense ministry it will share technology used to manufacture F-35 fighter jets, and let Japanese companies play a role in building components and engines for the aircraft, the Yomiuri newspaper reported, citing unnamed sources.

MK Capital Management Corp. (2478 JT) surged 21 percent to 22,800 yen, its biggest gain since May 28 last year. The Tokyo asset manager will be bought by closely held Marble Holdings through a tender offer. Marble, an investment firm also based in Tokyo, will offer 35,000 yen a share, spending as much as 5.7 billion yen ($744 million).

Nikon Corp. (7731 JT), a maker of cameras, lenses and scanners, dropped 4 percent to 1,844 yen. The company said production has been suspended at its Thailand unit since Oct. 6 after facilities were damaged by flooding.

Nidec Corp. (6594 JO), the world’s biggest maker of motors for hard-disk drives, jumped 3.6 percent to 6,310 yen. The company increased its stock buyback plan to as much as 47 billion yen for as many as 6 million shares, or 4.14 percent of its outstanding stock. Nidec earlier planned to repurchase as many as 3 million shares for up to 25 billion yen.

Ricoh Co. (7752 JT), an office-equipment and camera maker, advanced 6 percent to 676 yen. The company was rated “outperform” in new coverage by Credit Suisse Group AG on expectations its restructuring efforts will spark a rally. The target share price was set at 1,200 yen.

Sakata Seed Corp. (1377 JT), a seed wholesaler, climbed 3.9 percent to 1,194 yen. The company said first-quarter net income rose 48 percent to 990 million yen, as foreign exchange and stock valuation losses narrowed from a year earlier.

Takashimaya Co. (8233 JT), a department store operator, jumped 2.8 percent to 586 yen. The company raised its full-year net-income forecast 29 percent to 11 billion yen, citing cost cuts and a recovery from the March 11 earthquake.

--With assistance from Kanoko Matsuyama and Tsuyoshi Inajima in Tokyo. Editors: Jim McDonald, John McCluskey, Jim Powell.

To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net; Anna Kitanaka in Tokyo at akitanaka@bloomberg.net.

To contact the editor responsible for this story: Jim McDonald at jmcdonald8@bloomberg.net


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