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Tokyo equities rise on investor optimism

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by Brian Turner
Tokyo equities rise on investor optimism

The Tokyo equities markets closed at a 13-week high on Monday on investor optimism produced by strong US employment data published Friday.

Export-oriented stocks and companies active in overseas benefited from the news from the US Labor Department that 146,000 new jobs had been created in the US in June.

Sony was up 0.8 percent to ¥3,890, Toshiba advanced by 1.4 percent to ¥438, Canon gained 0.5 percent to ¥5,940, and Fujitsu was up 0.9 percent to ¥575. Shares in Kao rose 1.1 percent to ¥2,715 as the cosmetics and household goods manufacturer came closer to purchasing Molton Brown, the luxury consumer products maker that sells its goods in upscale stores in over 70 countries.

The deal is worth £170 million. Meanwhile, Mitsubishi Heavy Industries gained 0.7 percent to ¥289 after it said it is negotiating to purchase US nuclear reactor maker Westinghouse for around ¥200 billion.

The negotiations come as sales of strategic US companies to non-US firms are receiving extra scrutiny in the wake of CNOOC’s controversial US$18.5 billion bid for Unocal.

If the purchase of Westinghouse by MHI goes forward, it would be MHI’s largest overseas acquisition. The Nikkei 225 was up 0.9 percent to 11,674.79 and the Topix gained 0.6 percent to 1,185.02.

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News posted: July 11, 2005

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