Tuesday, November 7, 2006

Topix index holds at 1,616.68

by Elaine Frei

Monday’s rally on Wall Street, in which the Dow Jones Industrial Average added 119 points, helped send the Nikkei 225 higher in Tokyo on Tuesday, but the Topix index remained steady thanks to declines in the banking sector.  The Nikkei added 0.2 percent to 16,393.41, while the Topix remained at 1,616.68.

The transport equipment sector was 0.9 percent higher on a day when many export focused stocks saw only limited gains as investors waited out the results of the election in the United States.  Nissan Motor added 0.7 percent to ¥1,447, while Toyota was 1 percent higher to ¥7,100.

Digital camera maker Pentax gained 7.5 percent to ¥560 on the announcement that its profit in the half-year ending in September was better than had been anticipated when it revised its forecast for the period downward less than a month ago.

Ube Industries was up 3.5 percent to ¥358 on an upward revision in its six-month earnings forecast.  The upgrade prompted Goldman Sachs to raise the chemicals company’s target share price from ¥360 to ¥390.

In domestic sectors, real estate was 1.2 percent higher on the session, with Mitsui Fudosan adding 1.8 percent to ¥2,880.  However banks dropped 0.8 percent as a sector as Mitsubishi UFJ fell 0.7 percent to ¥1,450,000.

Golf course operator Accordia Golf, which began trading last week, dropped 7.7 percent to ¥155,000.

 

 

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