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Tuesday 02nd of December 2008
December 4, 2006

Consumer finance continues to gain in Tokyo


by Elaine Frei

Tokyo’s major stock indices were nearly unchanged on Monday, with the Nikkei 225 slightly lower and the Topix index slightly higher. However, the Mothers index of small and mid-cap stocks continued its gains with as it gained 1.1 percent to 1,158.58. The Nikkei closed 0.1 percent lower to 16,303.59, while the Topix added .2 percent to 1,607.74.

Domestic sectors were generally higher. Real estate was 1.5 percent higher as a sector, with Mitsui Fudosan gaining 1.1 percent to ¥2,780 and Mitsubishi Estate adding 1.7 percent to ¥2,960.

The consumer finance sector was also higher as it continues to come back from the imposition of a government cap on the amount of interest lenders can charge their customers. Credit Saison added 2.2 percent to ¥4,190, while Promise gained 3.3 percent to ¥4,020. Takefuji was 3.5 percent higher to ¥4,740 and Aiful was up 5.4 percent to ¥3,880.

Nippon Steel added 1.3 percent to ¥528 when it said it is thinking about purchasing a stake in China’s largest steel company, Baosteel.

Nissan Motor was lower, dropping 1.4 percent to ¥1,393 after it said November sales were down in both the domestic market and in the United States.

Tech sectors also saw declines after the Nasdaq Composite dropped last week in the US. Semiconductor-related Advantest was 0.8 percent lower to ¥6,030. In the electronics sector, Sony dropped 1.5 percent to ¥4,550.

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