Tokyo Market News: investment market news from the Nikkei and Topix indices
Tokyo Market News: investment market news from the Nikkei and Topix indices

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    July 10, 2007

    Tokyo markets down on profit-taking

    Filed under: Companies, Sony, Canon, Kikkoman, JVC, Bull-Dog Sauce, Bic Camera

    Equities markets in Tokyo were lower on Tuesday, with the Nikkei 225 down 0.1 percent to 18,252.67 and the Topix 0.2 percent lower to 1,789.2.

    The declines were blamed on profit-taking in several sectors and on a stronger yen which, which hurt export-focused shares.

    The drops also came ahead of a meeting of the Bank of Japan, which will consider what to do with interest rates.

    In the electronics sector, Sony (TYO: 6758; NYSE: SNE) dropped 1.1 percent to ¥6,460, while JVC (TYO: 6792) was 7 percent lower to ¥359 on a lower earnings estimate from Nomura Securities (TYO: 8604; NYSE: NMR; SGX: N33).

    Copier and camera maker Canon (TYO: 7751; NSYE: CAJ) fell 1 percent to ¥7,120.

    Condiment makers were lower after a court decision ended a US hedge fund’s takeover bid for Bull-Dog Sauce (TYO: 2804), which dropped to ¥825.

    Soy sauce maker Kikkoman (TYO: 2801) dropped 3.9 percent to ¥1,645.

    Among gainers, electronics retailer Bic Camera (TYO: 3048) added 13.4 percent to ¥169,000 after it announced a 2-for-1 share split and upped the forecast for its yearly dividend.





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