BLBG: Most Japanese Stocks Fall; Nikkei 225 Declines for Third Week
By Akiko Ikeda and Kotaro Tsunetomi
Nov. 13 (Bloomberg) -- Most Japanese stocks fell, dragging the Nikkei 225 Stock Average toward a third consecutive drop, as declines by commodities producers and companies reporting losses outweighed gains following increased earnings or ratings.
Nippon Mining Holdings Inc., an oil refiner and Japan’s biggest copper producer, sank 1.6 percent after oil retreated yesterday in New York to a four-week low and metals slid in London. Nippon Sheet Glass Co. plunged 6.8 percent after the glassmaker reported a loss. The seafood company Nippon Suisan Kaisha Ltd. climbed 6.8 percent and Sharp Corp., Japan’s biggest maker of liquid-crystal displays, advanced 3.7 percent after brokerages boosted their investment ratings.
“Lower commodity prices illustrate anxiety about the economy,” said Kiyoshi Ishigane, a strategist in Tokyo at Mitsubishi UFJ Asset Management Co., which oversees about $56 billion.
The Nikkei 225 fell 0.4 percent to 9,770.55 as of 1:11 p.m. in Tokyo. The broader Topix index dropped 0.1 percent to 866.36, with about four stocks declining for every three that advanced.
To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net; Kotaro Tsunetomi at ktsunetomi@bloomberg.net.
