Tuesday, February 6, 2007

Tokyo carmakers higher on session

by Elaine Frei

The Tokyo equities markets bounced back from Monday’s sell-offs to end the session higher on Tuesday.  The Nikkei 225 closed up 0.4 percent to 17,406.86, while the Topix index was 0.9 percent higher to 1,732.42.

As the yen weakened late in the day, export-focused stocks saw gains.  In the automobile manufacturing sector, Nissan Motor added 0.3 percent to ¥1,387 after steep declines on Monday.  Toyota Motor was 1.8 percent higher to ¥7,960, while Honda Motor gained 2 percent to ¥4,620.

In the electronics sector, Canon added 1.3 percent to ¥6,230.  Sony was 2.5 percent higher to ¥5,840.  Meanwhile, camera manufacturers were helped not only by the weakness of the yen but by the shift to digital cameras.  Nikon and Olympus both had significant gains in the last quarter of 2006 and both upped their full-year expectations.  Olympus added 3.9 percent on the session to ¥4,050, while Nikon gained 5.4 percent to ¥2,750.

Even Nikko Cordial saw a gain of 1.9 percent to ¥1,175 after it was revealed that US investment house Harris Associates had acquired a 5 percent stake in Nikko.

The banking sector was lower after Goldman Sachs downgraded the entire sector from “attractive” to “neutral”.  Mitsubishi UJF dropped 0.7 percent to ¥1.41 million.

 

 

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