Tuesday, February 13, 2007

Nikkei, Topix gain on session

by Elaine Frei

After taking Monday off for a holiday, the Tokyo equities markets gained ground on Tuesday.  Most of the advances came in domestic sectors after indications that Japan’s economic recovery is proceeding as scheduled.  The Nikkei 225 added 0.67 percent to 17,621.45, while the Topix index gained 0.62 percent to 1,755.90.

The real estate sector gained on a report from Mitsui Fudosan that its profits in the past 9 months had risen by 14 percent, driven by increasing demand for office space.  Mitsui added 6.83 percent to ¥3,440, its highest share price ever.  Sumitomo Realty & Development gained 6.4 percent to ¥4,820, while Mitsubishi Estate was 3.91 percent higher to ¥2,730.

Banks were also up.  Mizuho Financial Group added 0.7 percent to ¥865,000, while Mitsubishi UFJ gained 1.39 percent to ¥1.46 million and SMFG added 1.74 percent to ¥1.17 million.

Nikko Cordial, which has seen huge declines recently due to an accounting scandal, was 6.56 percent higher to ¥1,250 as investors hoped for news about how the broker will improve its accounting practices.

 

 

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