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Market Update : 
JFE, Fanuc Earnings Drive Stocks Lower
Author: 123jump.com Staff
123jump.com
Last Update: 8:42 AM EDT April 24 2008

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Stocks in Japan edged lower after JFE Holdings reported revenue rise of 8.6% and earnings decline of 12.6%. The company also hinted that a sharp rise in raw materials costs from Australia will force it to revise prices of steel products higher and did not give earnings guidance for the rest of the year. Fanuc also estimated 4.6% decline in operating income. The BOJ reported March corporate services price index rose 0.4% after rising 0.7% in February.

 
Shipping lines gained on speculation global demand for raw materials will increase. Mitsui O.S.K. Lines gained 2.43% and Kawasaki Kisen increased 2.30%.

Nippon Soda Co. led decliners in the Nikkei 225 index shares with a drop of 10.55%, in Ebara Corp. of 7.41%, in Mazda Motor Corp. of 4.11%, Nippon Oil of 4.03%, and Showa Shell of 3%.

Nippon Oil fell after crude oil prices fell below $118 per barrel on a strengthening yen.

Steel companies fell after JFE Holdings annual profit fell 12.6% to 261 billion yen from 299 billion yen a year ago. Kobe Steel declined 2.56%.
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