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Tokyo miners decline on copper prices

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by Elaine Frei

After losses early in the session, the Nikkei 225 managed to add 0.3 percent on Friday to close at 17,104.96. The Topix index was up as well, but only by 0.1 percent to 1,672.10

Miners with exposure to copper were lower on the day after copper prices fell overnight. Dowa Holdings dropped 2 percent to ¥990, while Sumitomo Metal Mining fell 2.8 percent to ¥1,474. Meanwhile, with oil prices also falling overnight, Nippon Mining Holdings, with upstream oil interests, dropped 1.7 percent to ¥852.

Mergers and acquisitions news sent glassmaker Hoya and camera manufacturer Pentax higher on the news that the two companies will merge. Hoya added 1.3 percent to ¥4,570, while Pentax was 5.9 percent higher to ¥731.

With a prediction that its global output would rise to 9.42 million cars in 2007, Toyota Motor gained 1.6 percent to ¥7,800. If Toyota’s expectations come to fruition, they would likely become the largest auto maker in the world.

Among domestically-focused sectors, real estate was up 1 percent as a whole. The sector was led by Mitsui Fudosan, which added 3.3 percent to ¥2,835 after Goldman Sachs upped its recommendation from “neutral” to “buy”. In the retail sector, meanwhile, department store Daimaru gained 2.8 percent to ¥1,552 on a higher dividend prediction.

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News posted: December 22, 2006

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