Toyota Motor Corp. (7203), which gets 28 percent of its sales in North America, rose 1.5 percent on speculation U.S. auto purchases are having their best streak since 2008. Softbank Corp. (9984) led communications companies higher after the government awarded the mobile operator a spectrum license that will expand its data capacity. Fanuc Corp., which provides robotics to mainland manufacturers, rose 1 percent.
The Nikkei 225 Stock Average (NKY) rose 1 percent to 9,820.13 as of 10:21 a.m. in Tokyo. The gauge gained 10.5 percent in February, its biggest monthly advance since December 2009. The broader Topix gained 0.8 percent to 842.73. Shares also advanced after Japanese companies unexpectedly increased domestic investment in the fourth quarter.
“Investors see there’s less risk around, and they are prepared to put more money back in,” said Angus Gluskie, who manages more than $350 million at White Funds Management in Sydney. “We might have to stop and think about an environment where the U.S. dollar is rising and where interest rates in the U.S. start to rise. That’s such a fundamental change.”
Futures on the Standard & Poor’s 500 Index (SPXL1) were little changed today. The index dropped 0.5 percent in New York yesterday as Bernanke gave no indication of further stimulus measures. U.S. stocks earlier gained as data showed the U.S. economy expanded more than forecast and business activity accelerated.
The dollar rose 0.9 percent to 81.15 yen yesterday. A weaker yen boosts the value of overseas earnings for Japanese exporters when repatriated.
Exporters to the U.S. gained, with Toyota climbing 1.5 percent to 3,405 yen. Sony Corp. (6758), Japan’s No. 1 exporter of consumer electronics, advanced 2.4 percent to 1,779 yen. Canon Inc. (7751), the world’s biggest camera maker, added 1.9 percent to 3,750 yen.
Softbank, Japan’s third-largest mobile-phone operator, advanced 2.1 percent 2,472 yen after the Communications Ministry awarded it the new 900-megahertz spectrum license, helping it compete in data delivery. Larger rivals NTT DoComo Inc. (9437) added 0.4 percent to 139,400 yen, while KDDI Corp (9433) gained 1.2 percent to 522,000 yen
The Nikkei 225 Volatility Index (VNKY) rose 1.2 percent to 23.66, indicating traders expect a swing of about 6.8 percent on the benchmark gauge over the next 30 days.
The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
Automakers: Stocks in the sector rebounded on speculation the U.S. auto market is recovering. Light-vehicles sales in February, set for release today, may have come in at 14.2 million, according to the analysts surveyed by Bloomberg. That would be the first time U.S. car sales reached 14 million in consecutive months since 2008.
Transportation stocks led gains in the Topix’s industry groups. Honda Motor Co. (7267 JT) rose 1.3 percent to 3,135 yen. Suzuki Motor Corp. (7269 JT) added 2.2 percent to 1,969 yen. Fuji Heavy Industries Ltd. (7270 JT) climbed 1.8 percent to 625 yen after its Subaru brand was named top carmaker by Consumer Reports magazine.
Elpida Memory Inc. (6665) (6665 JT) rose 1 yen to 8 yen after plummeting 97 percent yesterday. The Tokyo Stock Exchange said it resumed daily limits on the movement of the chipmaker’s shares, which are set to be delisted on March 28. Elpida filed for bankruptcy on Feb. 27 with debts of 448 billion yen ($5.5 billion), according to a filing with the finance ministry.
Shindengen Electric Manufacturing Co. (6844) (6844 JT), a maker of electric devices, slid 3.4 percent to 370 yen after slashing its net income for the year ending March 31 by 67 percent to 1.1 billion yen, the company said in a filing, citing waning global demand for chips.
TDK Corp. (6762) (6762 JT) climbed 5.1 percent to 4,455 yen after the electronic parts maker said it bought 2.4 percent of its outstanding shares.
For the latest updates on the stock market, visit Stock Market Today
No comments:
Post a Comment