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Market Update

Nikkei Wavers, Softbank to Raise $4 Billion to Fund Sprint Purchase

Author: Hiruki Nakamura
Last Update: 8:36 AM ET May 21 2013

5:30 PM Tokyo Retail investors in Tokyo drove market trading in Tokyo as broader market indexes wavered after a 9% rise last week. Softbank plans a $3.9 billion bond offering to finance its purchase of Sprint Nextel Corp. GS Yuasa soared 17% after United Air resumed its Dreamliner flights.

Stocks in Tokyo wavered as retail investors picked up more stocks and in small lots. Market index growth slowed after a surge of more than 9% in the last week and sector rotation continued in trading.

The yen edged lower to 102.54 against one dollar and the yen has dropped nearly 22% from 86.67 at the beginning of the year.

The Nikkei 225 Stock Average rose 20.21 to 15,381.02 and the broader Topix Index edged up 0.88 to 1,270.39.

Stocks in Review

Toyota Motor Corp jumped 50 yen to 6,640 yen and Honda Motor Co. fell 15 yen to 4,260 yen and Nissan Motor Co Ltd added 7 yen to 1,232 yen.

Sony rose 1 yen to 2,163. Canon Inc slid 5 yen to 3,800 yen and Nikon climbed 52 yen to 2,878 yen.

Fanuc Corp. gained 30 yen to 16,200 yen Softbank Corp dropped 230 yen to 5,850 yen.

Seven & I Holdings Co fell 55 yen to 3,845 yen. Fast Retailing Co. declined 650 yen to 38,550 yen.

Mitsubishi UFJ Financial Group slid 9 yen to 690 yen and Sumitomo Mitsui Financial Group slipped 70 yen to 4,640 yen.

GS Yuasa Corporation surged 80 yen or 16.7% to 558 yen after the United Airlines resumed Boeing Dreamliner flights from yesterday after three month of grounding flights for the overheating of batteries made by the company.

Kobe Steel, Ltd. soared 28 yen or 18.9% to 176 yen after the steel producer plan to sell entire stake in Nabtesco Corporation, the maker of hydraulic equipments.

Sumitomo Corporation climbed 154 yen or 10.9% to 1,561 yen after the metals trader received contract to upgrade the communications infrastructure of Myanmar based NEC Corporation.

Softbank declined 3% to 5,900 yen after the company issued a waiver to SprintNextel to engage in talks with Dish, which has offered $25 billion for the U.S. based mobile carrier. SprintNextel said it still recommends a deal with Softbank.

Softbank also said in a regulatory filing that it plans to raise 400 billion yen in a bond offering the finance the deal.

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