Friday, December 8, 2006

Seven & I drops 1.3 percent

by Brian Turner

Equities markets in Tokyo were lower on Friday after new data showed that core machinery orders in the private sector were lower than had been anticipated. The Nikkei 225 dropped 0.3 percent to 16,417.82, while the Topix index was 0.4 percent lower to 1,616.34

Reacting to the new figures on orders, camera-maker Nikon fell 1.6 percent to ¥2,460.

In the electronics sector, Sanyo was 3 percent lower to ¥159 as analysts said that it has dragged its feet in restructuring efforts after issuing a warning of profits last month. Sanyo was not helped by a recall of handsets by NTT DoCoMo due to faults in batteries manufactured by Sanyo. NTT was also lower, falling 1.7 percent to ¥177,000.

Domestically-focused sectors also saw declines. Among retailers, Seven & I Holdings was down 1.3 percent to ¥3,670. Meanwhile, Mizuho Financial Group dropped 0.6 percent to ¥828,000.

The tobacco sector saw gains after the news that UK cigarette manufacturer Gallaher said that it has received an approach. Japan Tobacco added 4 percent in a second day of gains to close at ¥550,000.

 

 

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