Tuesday, August 15, 2006

Banks up in Tokyo

by Brian Turner

The Tokyo equities markets were mixed on Tuesday, with the Nikkei 225 dropping 0.3 percent to 15,816.19, while the Topix index added 0.3 percent to 1,605.12.

Among losers on the day was Sony which fell 0.4 percent to ¥5,210 after it was revealed that Dell has had to recall over 4 million laptop computers due to defective batteries manufactured by Sony. Shipper Mitsui OSK, meanwhile, was 2.9 percent lower to ¥808 after it said one of its ships caused a spill in the Indian Ocean.

Financial sectors did well on the day. The securities sector added 1.8 percent as a whole, with Nikko Cordial 1.9 percent higher to ¥1,480 and Nomura up 2.1 percent to ¥2,150. Banks were also up, with Mizuho gaining 0.4 percent to ¥957,000 and Mitsubishi UFJ up 0.6 percent to ¥1,610,000.

Among consumer finance companies, Credit Saison added 2.3 percent to ¥5,250 on the news that it might be possible that consumer lenders might avoid the government’s plan to put a cap on how much interest these non-bank lenders are allowed to charge on their loans.

The retail sector was 0.5 percent higher as a whole, with department store chain Isetan adding 0.8 percent to ¥1,981.

Mitsui Fudosan was also up 0.8 percent on the session to ¥2,610, outdoing the real estate sector as a whole, which was 0.6 percent higher.

 

 

 

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