Japan leads Asia higher on merger, earnings news |
| MarketWatch - Feb 4, 2011 |
Most Asian markets were higher in Friday afternoon trade, with Japanese stocks leading the way, as a proposed merger between Nippon Steel Corp. and Sumitomo Metal Industries Ltd. lifted hopes for more consolidation. The Nikkei Stock Average /quotes/comstock/64e!i:ni225 (JP:NI225 10,549, +117.33, +1.12%) rose 1.2% to 10,551.17 in the afternoon session, getting a boost from a 10.5% surge in Nippon Steel /quotes/comstock/11i!nisty (NISTY 37.00, +2.19, +6.29%) /quotes/comstock/64e!5401 (JP:5401 318.00, +31.00, +10.80%) and a 17.1% spike in Sumitomo Metal's /quotes/comstock/64e!5405 (JP:5405 226.00, +33.00, +17.10%) /quotes/comstock/11i!smmly (SMMLY 26.15, +2.67, +11.37%) shares -- with the latter also reporting a swing to profit in the October-December quarter. Also supporting the market advance, shares of Sony Corp. /quotes/comstock/13*!sne/quotes/nls/sne (SNE 36.46, +1.67, +4.80%) /quotes/comstock/64e!6758 (JP:6758 2,916, +49.00, +1.71%) added 1.9% and Softbank Corp.
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- Posted: 2011-02-03 22:39:20
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