Friday, August 26, 2005

Iron and steel up on Tokyo equities markets

by Brian Turner

The Tokyo equities markets were up on Friday, but investors seemed to be waiting for more evidence that the economy is recovering before making too much of a commitment. They also looked to be concerned about the continuing trend up in crude oil prices and indications that the September 11 elections might result in no clear majority.

Thursday figures were released that showed export volumes are lower than last year, and on Friday there was news that Japan is still in the midst of mild deflation. The Nikkei 225 was up 0.3 percent to 12,439.48, while the Topix index gained 0.35 percent to 1,272.46.

Losers on the day included Fast Retailing, which lost 9.1 percent to ¥8,180 on its first day of trade on the Nikkei index, but the decline was small in comparison to its gains after it was announced that it would be added to the Nikkei.

Also down on the day was Sumitomo Realty Development, which fell 0.4 percent to ¥1,388 as the real estate sector as a whole declined by 0.6 percent.

The iron and steel sector was up, however, by 1.1 percent, as Nippon Steel gained 1 percent to ¥310 on higher demand. Ferro-alloy maker Nippon Denko gained 9.05 percent to ¥446 on a tripling of its first-half net profit due to higher prices on its products.

 

 

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