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Market Update

Nikkei Rally Lifts Yearly Gain to 19%, Yen Drops to a 3-Year Low


Author: Hiruki Nakamura
ticker.com
Last Update: 9:42 AM ET March 11 2013

5:00 PM Tokyo – Stocks in Tokyo extended rally for the eighth day in a row and the Nikkei index closed at a new 5-year high. The yen dropped to a low not seen since August 2009. Warehouse and real estate stocks led the surge.

Market indexes gained in Tokyo as the yen weakened and the benchmark Nikkei extended rally for the eighth day in a row.

The Nikkei 225 Stock Average advanced 65.43 or 0.5% to 12,349.05 and the broader Topix Index climbed 19.48 or 1.9% to 1,039.98.

The yen resumed its slide against the dollar and dropped to 96.13, the weakest since August 2009.

Real estate stocks led the gain in today’s session as the government plans to reflate the economy and next central bank chief hopes to revise inflation target to 2% and accelerate the asset purchase program.

Stocks in Review

Real estate stocks led the gainers for the third day in a row. For the year the Nikkei has advanced 19% and real estate sector stocks have surged 27%.

NTT Urban Development Co soared 4.6% and Mitsui-Soko surged 11% and Sumitomo Warehouse added 5.3%.

Exporters gained on the hopes that the weaker yen will lift profits and improve competitiveness.

Toyota Motor Corp jumped 90 yen to 5,000 yen and Honda Motor Co. climbed 95 yen to 3,755 yen and Nissan Motor Co Ltd increased 31 yen to 993 yen. Yamaha Motor Co Ltd soared 55 yen or 4.6% to 1,241 yen.

Nippon Steel rose 3 yen to 250 yen and JFE Holdings Inc climbed 59 yen to 1,986 yen.

Sony gained 44 yen to 1,508. Canon Inc jumped 120 yen to 3,505 yen and Nikon slipped 19 yen to 2,031 yen. TDK Corp lowered 15 yen to 3,240 yen.

Sharp Corp declined 3% after Hon Hai Precision Industry Co Ltd is not expected to meet the March 26 deadline for investment. The news was first published by Asahi newspaper.

Nintendo Co. Ltd surged 450 yen or 4.4% to 10,780 yen. Dainippon Screen Manufacturing Co decreased 9 yen to 477 yen.

Fanuc Corp. rose 30 yen to 14,410 yen and Komatsu Ltd jumped 56 yen to 2,291 yen. Hitachi Construction Machinery Co increased 28 yen to 2,092 yen.

Softbank Corp slumped 30 yen to 3,745 yen.

FamilyMart Co Ltd, the convenience chain operator fell 5 cents to 3,955 yen and Lawson jumped 70 yen to 6,950 yen. Ito En Ltd added 19 yen to 2,014 yen.

The convenience store operators declined after a report in the Nikkei business daily suggested that the company may fall short of its annual operating profit target of 45 billion yen.

Seven & I Holdings Co increased 38 yen to 2,976 yen. Fast Retailing Co. dropped 600 yen to 30,900 yen and J. Front Retailing Co. Ltd gained 10 yen to 625 yen.

Mitsubishi UFJ Financial Group surged 34 yen or 6.4% to 569 yen and Sumitomo Mitsui Financial Group soared 260 yen or 6.7% to 4,140 yen. Dai-Ichi Life gained 2.4% to 130,600 yen. Nomura Holdings, Inc climbed 26 yen or 4.6% to 587 yen.

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