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 11, 2007

    Toshiba gains on broker upgrade

    Filed under: Companies, Sony, Canon, Toyota, Kyocera, Honda, Toshiba, Acom, Bull-Dog Sauce

    In Tokyo on Wednesday the Nikkei 225 fell 1.1 percent to 18,049.51, while the Topix index declined 1.2 percent to 1,767.72.

    Exporters in Tokyo were hurt by a stronger yen as well as the declines in New York.

    In the automobile manufacturing sector Honda Motor (TYO: 7267; NYSE: HMC) fell 1.3 percent to ¥4,470, while Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) dropped 1.7 percent to ¥7,660.

    In the electronics sector Kyocera (TYO: 6971) was down 1.2 percent to ¥12,880, while Sony (TYO: 6758; NYSE: SNE) was 2 percent lower to ¥6,330 and Canon (TYO: 7751; NYSE: CAJ) fell 2.3 percent to ¥6,960.

    Not all electronics groups were lower however. Toshiba (TYO: 6502; LSE: TOS) added 4.5 percent to ¥1,125 on an upgrade from “underperform” to “buy” from broker CLSA.

    Condiment maker Bull-Dog Sauce (TYO: 2804) went untraded after only one transaction after US hedge fund Steel Partners appealed a ruling that favored Bull-Dog and called the hedge fund an “abusive acquirer”.

    Bull-Dog Sauce was 12.1 percent lower at ¥725.

    In the retail sector Aeon (TYO: 8267) dropped 3.1 percent to ¥2,195 on its report that operating profit in the most recent quarter was down 16 percent because of poor sales at Talbots (NYSE: TLB), the US clothing retailer in which it owns a majority of shares.





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