Tokyo back from holiday with gains

| May 8, 2006 | 0 Comments

The Tokyo equities markets were up on Monday after last week’s break for the Golden Week holiday. The Nikkei 225 added 0.8 percent to 17,291.67 and the Topix index was up 1 percent to 1,755.03. Most of the gains were in domestic sectors, as banks were up 1.9 percent as a whole, while the real estate sector gained 4.6 percent and securities added 3.6 percent.

The gains in real estate came after the Bank of Japan released data showing that property prices in Japan were up for the first time in 15 years. Mitsui Fudosan added 6.7 percent to ¥2,690, while Sumitomo Realty & Development gained 5.9 percent to ¥3,210 and Mitsubishi Estate was up 3.2 percent to ¥2,565.

In the securities sector, Nomura gained 3.3 percent to ¥2,670, while Daiwa Securities added 4.3 percent to ¥1,665.

Among banks, Mitsubishi UFJ was up 2.2 percent to ¥1,840,000.

Sectors more focused on exports had a harder time on the day. Japan’s largest automobile manufacturer, Toyota, dropped 0.6 percent to ¥6,760.

Consumer electronics were mixed, with Sharp down 1.2 percent to ¥2,020 but Sony rising 2 percent to ¥5,660.

Steelmakers and miners had a better day of it. In the steel sector, Sumitomo Metal Industries added 2.3 percent to ¥497, while JFE gained 2.9 percent to ¥4,620. Non-ferrous metals company Mitsui Mining & Smelting was up 4.2 percent to ¥847. Toho Zinc added 3.4 percent to ¥1,149.

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