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Market Update

Nikkei Gains 1% on Rumors, Sony Rejects Spin Off Proposal

Author: Hiruki Nakamura
Last Update: 7:29 AM ET August 06 2013

4:30 PM Tokyo Market indexes in Tokyo closed higher for the third time in last four trading sessions as investors reacted to rumors. The yen eased and commodities prices declined in Tokyo. Sony was the fourth most actively traded stock and declined 4.6% after the company board rejected a proposal to split its entertainment unit.

Stocks in Tokyo closed higher in choppy trading and in the absence of hard economic data investors focused on news stories and rumors.

In a broad rally, stocks closed higher and industrials, automakers and financials led the list of most active stocks.

The Nikkei 225 Stock Average gained 143.02 or 1% to 14,401.06 and the Topix rose 8.92 to 1,193.66.

The yen eased in Tokyo trading to one-month high to close at 98.43 against one dollar.

Stocks in Review

Toyota Motor Corp increased 20 yen to 6,380 yen, Honda Motor Co. climbed 75 yen to 3,795 yen. Nissan Motor Co Ltd added 6 yen to 1,073 yen.

Sony declined 98 yen or 4.6% to 2,039 yen and the company board rejected unanimously the proposal by its largest foreign investor to separate its entertainment business.

Canon Inc gained 35 yen to 3,210 yen.

Nikon jumped 44 yen to 2,110 yen after the mage and camera maker invested 500 million yen in Retina Institute Japan, K.K.

Fanuc Corp rose 170 yen to 15,830 yen and Softbank Corp fell 120 yen to 6,650 yen.

Seven & I Holdings Co slid 10 yen to 3,820 yen.

Fast Retailing Co. jumped 350 to 35,050 yen and the retailer today created J Brand Japan Co., Ltd, as new subsidiary company in Japan.

Mitsubishi UFJ Financial Group increased 2 yen to 636 yen and Sumitomo Mitsui Financial Group lowered 10 yen to 4,705 yen.

Nisshin Steel Holdings Co. climbed 16.2% to 1,060 yen after the Japan based steel producer lifted its profit outlook for the first-half.

Toshiba Corp plans to invest 400 billion yen or $4 billion in a memory chip plant with the U.S. based SanDisk Corp.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc