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Japanese shares inch higher, Toshiba up after ouster of board directors

06/14/2021 | 02:57am EDT

TOKYO, June 14 (Reuters) - Japanese shares rose on Monday as cyclicals such as tyre makers and shippers led gains on global recovery hopes, while Toshiba rose after the company said two of its board directors will retire amid its governance crisis.

The Nikkei share average gained 0.74% to 29,161.80, its highest close since May 10. The broader Topix rose 0.29% to 1,959.75.

The gains came as U.S. stocks closed modestly higher on Friday, with the S&P 500 hitting a record high closing, while the Nasdaq gained the most among three major indexes.

"Japanese shares are still trailing behind global shares, as earnings recovery is expected to be delayed. But hopefully things will get better with vaccinations speeding up now. We could have 60% of the population get vaccinated by August," said Hiroshi Watanabe, senior economist at Sony Financial Holdings.

Shippers were the top gainers, with Nippon Yusen up 2.3%, followed by tyre makers, among which Bridgestone rose 1.3% and Yokohama Rubber jumped 2.9%.

Toshiba gained 2.7% after the conglomerate, which is facing a deepening crisis over corporate governance, said it would change its board director nominees for an upcoming shareholders meeting and its two board directors would retire.

Growth-oriented shares outperformed as fall in U.S. bond yields boosted their U.S. peers.

M3 gained 4.5%, while Fanuc rose 3.2% and Keyence went up 2.7%.

Kobe Bussan jumped 11.1% after the food retail chain operator bumped up its earnings guidance.

On the other hand, the interest-sensitive banking sector fell after U.S. Treasury yields posted their biggest weekly drop in nearly a year last week.

MUFG fell 1.0% and Mizuho Financial Group lost 0.9%.

Game company Gumi tumbled 15.8% after its founder, who still owns a stake of more than 10% in the firm, announced his resignation last Friday. (Reporting by Junko Fujita; Editing by Shailesh Kuber)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BRIDGESTONE CORPORATION 1.21% 4772 End-of-day quote.41.02%
DAIICHI SANKYO COMPANY, LIMITED 1.39% 2256.5 End-of-day quote.-36.17%
FANUC CORPORATION 0.50% 25355 End-of-day quote.-0.02%
ITOCHU CORPORATION 1.49% 3273 End-of-day quote.10.43%
KEYENCE CORPORATION 2.86% 57530 End-of-day quote.-0.81%
KOBE BUSSAN CO., LTD. -0.25% 3970 End-of-day quote.24.84%
M3, INC. 1.87% 7560 End-of-day quote.-22.41%
MITSUBISHI UFJ FINANCIAL GROUP, INC. 1.58% 580 End-of-day quote.27.17%
MIZUHO FINANCIAL GROUP, INC. 0.64% 1570.5 End-of-day quote.20.11%
NINTENDO CO., LTD. 0.50% 60120 End-of-day quote.-8.67%
NIPPON YUSEN KABUSHIKI KAISHA 3.18% 5520 End-of-day quote.129.81%
THE YOKOHAMA RUBBER CO., LTD. 1.39% 2192 End-of-day quote.42.89%
TOSHIBA CORPORATION 2.02% 4800 End-of-day quote.66.38%
TREASURE FACTORY CO.,LTD. -1.38% 1002 End-of-day quote.45.43%
All news about KOBE BUSSAN CO., LTD.
06/14Japanese shares inch higher, Toshiba up after ouster of board directors
2020Nikkei ends lower as rising COVID-19 infections sap risk appetite
2020Hideo Sugimoto acquired 18.9% stake in Cook Innoventure Co., Ltd. from Cook I..
2019KOBE BUSSAN CO., LTD.(TSE : 3038) added to FTSE All-World Index
2019KOBE BUSSAN CO., LTD.(TSE : 3038) added to FTSE All-World Index
More news
Sales 2021 359 B 3 258 M 3 258 M
Net income 2021 19 895 M 181 M 181 M
Net cash 2021 29 785 M 270 M 270 M
P/E ratio 2021 43,2x
Yield 2021 0,50%
Capitalization 859 B 7 785 M 7 798 M
EV / Sales 2021 2,31x
EV / Sales 2022 2,09x
Nbr of Employees 1 372
Free-Float 42,2%
Duration : Period :
Kobe Bussan Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends KOBE BUSSAN CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 3 970,00 JPY
Average target price 3 714,44 JPY
Spread / Average Target -6,44%
EPS Revisions
Managers and Directors
Hirokazu Numata President & Representative Director
Koichi Masada Executive Officer & Manager-Finance
Kenji Ieki Independent Outside Director
Sachiko Nomura Independent Outside Director
Yasuhiro Tanaka Representative Director, VP & Head-HR Development
Sector and Competitors