Tuesday, August 16, 2005

Japanese stock exchanges continue to see 4 year highs

by Brian Turner

In Japan on Tuesday both the Nikkei and Topix indices reached 4-year closing highs as optimism about economic recovery continues. Even a damaging earthquake in the northern part of Honshu did not cause much disruption.

The Nikkei 225 was up 0.5 percent to 12,315.67, while the Topix index gained 0.3 percent to 1,252.12.

Companies that deal with commodities were down on profit-taking after gains in the prices of oil and copper. Nippon Oil was down 0.7 percent to ¥878, while Nippon Mining, which has interest in both copper mining and oil, fell by 1.6 percent to ¥728. Banking was also down. Japan’s largest banking group, Mizuho, closed down 1.4 percent at ¥543,000. The steel sector was up, with Nippon Steel gaining 1.3 percent to ¥305 and Tokyo Steel Manufacturing added 1.5 percent to ¥1,498.

Gains in the steel sector had to do with the announcement on Monday that Nippon Steel is planning on buying new equipment to deal with higher demand. Aerial photography survey company Pasco was up 13 percent to ¥305 after Tuesday’s earthquake and the announcement that Pasco will launch a computer-based map service in September. Robot-maker Fanuc gained 4.6 percent to ¥8,220 after securities firm CLSA said that the company benefited from higher robot orders from North America in the first half of the year.

 

 

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