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July 12, 2005    

Tokyo equities strong on merger news

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by Brian Turner
Tokyo equities strong on merger news

In Tokyo, equities markets hit a four-month high, as export-dependent stocks did well once again on good employment news from the United States.

Sony rose 1.3 percent to ¥3,940. Office equipment maker Canon gained 0.5 percent to ¥5,920. Carmakers were also up, as Honda gained 0.6 percent to ¥5,520, Toyota was up 0.7 percent to ¥4,130, and Nissan added 0.5 percent to ¥1,124.

Three home centre chains, Kahma, Daiki, and Homac, announced that they will merge by September of 2006.

The merger will create the largest retailer in the sector, with assets of around ¥433 billion.

Shares in Kahma rose 3.1 percent to ¥1,771 after the announcement, while Daiki was up 9.6 percent to ¥1,274, and Homac gained 9.8 percent to ¥1,143.

The retail sub index grew by 0.4 percent on news of the deal. Nippon Television Network was up 3.5 percent to Y15,940 on a report that it will begin paid internet broadcasting in October.

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