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Nikkei, Topix each add 1.8 percent

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by Elaine Frei

The Tokyo equities markets saw gains on Friday as both domestic and export-focused sectors were up on the day. The markets had seen substantial declines earlier in the week. The Nikkei 225 added 1.8 percent Friday to 15,970.76, while the Topix index was also 1.8 percent higher to 1,613.78.

Banks were up 2.5 percent as a sector. Mitsubishi UFJ added 1.4 percent to ¥1,500,000, while Mizuho was up 2.5 percent to ¥917,000 and SMFG gained 2.7 percent to ¥1,160,000.

Toymaker Tomy added 9.5 percent to ¥845 on a prediciton that it would make a profit this year. Meanwhile, game maker Nintendo was up 8.8 percent to ¥18,980 as Merrill Lynch reiterated its “buy” rating. Shares in Nintendo had fallen substantially on Thursday after news was released of a drop in its operating profit.

Carmaker Toyota gained 1.5 percent on the day to ¥6,100. In another heavily export-focused sector, electronics company Hitachi added 2.2 percent to ¥776.

Among miners, Sumitomo Metal Mining was up 4.8 percent to ¥1,527, while Dowa Mining added 2.9 percent to ¥1,083 as commodities prices rose again.

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News posted: May 26, 2006

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