Tory burch sale Nikkei up 1.08 pct on steel merge

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Tory burch sale Nikkei up 1.08 pct on steel merge

Postby Marie8052 » Thu Dec 01, 2011 1:19 am

TOKYO, Feb. 4 (Xinhua) -- Tokyo stocks advanced Friday, with the key Nikkei stock index rising 1.08 percent on news of merger task between two major steelmakers and robust corporate earnings.According to local market analysts, investors' sentiment was optimistic from the get-go on the last trading day of the week on news that Nippon Steel and Sumitomo Metal, the largest and third largest steelmakers in Japan respectively, are in talks about a merger planned to take effect by 2012.The merger would effectively make the affiliates the second- largest producer of crude steel in the world -- currently the two firms account for 40 percent of Japan's crude steel production."The proposed merger between Sumitomo Metal Industries and Nippon Steel will create synergies for both companies as well as benefit the wider steel industry by helping to increase pricing and margins," said two Tokyo-based analysts in a report on Friday.Other strategists noted that the prospective merger will not only boost Japan's steel sector, but could be a catalyst for other firms in other sectors to explore similar alliances and further encourage foreign investors to procure Japanese issues."There are hopes that realignment will spread to other sectors. The foreign investor perspective on Japanese firms is becoming more positive," said Hideyuki Ishiguro Tory burch flats, strategist at Okasan Securities.The 225-issue Nikkei Stock Average gained 112.16 points from Thursday to 10,543.52, marking its highest close for two-weeks Tory burch shoes, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange added 7.79 points, or 0.84 percent, to close at 935.36.Following the merger news, both steelmakers advanced significantly with Sumitomo Metal Industries surging 16.1 percent to 224 yen and counterpart Nippon Steel soared 9.1 percent to 313 yen.Bellwether firms reporting solid earnings also support the market Friday, coupled with high hopes for the U.S. jobs report due out later Friday.The consensus among leading economists is that the U.S. economy most likely added some 138,000 new jobs in January but the unemployment rate may rise to 9.5 percent from 9.4 percent."On an assumption that the U.S. economy will keep recovering, the shift in funds to developed markets from emerging markets will likely continue," said Tomochika Kitaoka, a strategist at Mizuho Securities.Hitachi gained 3.0 percent to 487 yen, following the firm reporting its net profit for the October-December quarter nearly tripled to 62.0 billion yen (760 million U.S. dollars) from 21.8 billion yen in the same period a year earlier. The company also raised its net and operating profit forecasts.Also posting solid earnings was consumer electronics behemoth Sony Corp. Tory burch shoes, who advanced 1.8 percent to 2,919 yen after its earnings beat median market forecasts for the October-December period.Sony announced its operating profit was 137.5 billion yen (1.7 billion U.S. dollars), far higher than average predictions for a 127 billion yen operating profit in the quarter.But whilst Sharp climbed 5.3 percent to 879 yen on better-than- expected third quarter operating profit, it was Softbank Corp. Tory burch flats, the sole network provider of Apple's iPhone Tory burch sale, that was the biggest winner in Friday's Nikkei.Softbank leapt 3.6 percent to 2,976 yen, after announcing it had significantly increased its annual operating profit forecast by 20 percent, on brisk sales and growing demand for the ubiquitous iPhone.Marking a black spot in trade on Friday, Mazda Motor was a notable decliner Tory burch sale, slumping 4.6 percent to 227 yen after the firm announced a net loss of 2.7 billion yen (33.09 million U.S. dollars) for its October-December quarter, citing the strength of the yen as negatively impacting overseas sales of its vehicles.Trading volume on Friday rose to 2.55 billion shares on the Tokyo Exchange's First Section, up from Thursday's volume of 1.99 billion shares, with advancing issues outnumbering declining ones by 1,168 to 351.Related Topics Articles:
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