Monday, July 31, 2006

Topix index rises 0.8 percent in Tokyo

by Brian Turner

Both the Nikkei 225 and the Topix index saw gains in Tokyo on Monday. The Nikkei added 0.7 percent to 15,456.81, while the Topix was up 0.8 percent to 1,572.01. Both domestic and export-focused sectors saw gains.

Not every sector was up, however. With chances of consolidation in the paper sector decreasing, Oji Paper and Hokuetsu Paper Mills were down on the day. Oji dropped 0.2 percent to ¥665, while Hokuetsu was 1.5 percent lower to ¥790.

The pharmaceuticals sector also saw losses. Astellas dropped 1.3 percent to ¥4,560. Chugai and Daiichi Sankyo fell by 1.9 percent each, with Chugai closing at ¥2,365 and Daiichi Sankyo ending the session at ¥3,150. Takeda was 2.4 percent lower to ¥7,400 on the news that a new cancer drug that it is developing has not shown the usefulness that had been hoped for.

The properties sector showed gains in anticipation of land prices having gone up when the National Tax Agency reports new data. Mitsubishi Estate added 1.9 percent to ¥2,375, while Mitsui Fudosan, Japan’s biggest mortgage lender, gained 2.1 percent to ¥2,435 and NTT Urban Development was 4.1 percent higher to ¥864,000.

Technology-related companies also saw advances on the day. Hitachi and Toshiba each gained 1.4 percent to ¥734 and ¥741 respectively. Elpida Memory added 2.2 percent to ¥4,590, while computer maker Fujitsu was up by 3.6 percent to ¥889.

 

 

 

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