Tuesday, March 27, 2007

Japanese Market Update - 3/27/2007

Japanese energy-related stocks rose, led by Inpex Holdings Inc., after crude oil jumped to a six- month high in New York.

Limiting gains, exporters including Sony Corp. and Honda Motor Co. fell after U.S. consumer confidence declined and home prices slipped.

Benchmarks swung between gains and losses. The Nikkei 225 Stock Average was little changed at 17,359.55 as of 9:33 a.m. in Tokyo. It earlier slipped by as much as 0.2 percent and rose by as much as 0.2 percent. The broader Topix index added 1.33, or 0.1 percent, to 1725.19, reversing a loss of as much as 0.2 percent.

Inpex, Japan's largest oil explorer, climbed 25,000 yen, or 2.6 percent, to 972,000. Japan Petroleum Exploration Co., the country's second biggest, advanced 170 yen, or 2.1 percent, to 8,400. Nippon Oil Corp., Japan's No. 1 petroleum refiner, rose 14 yen, or 1.5 percent, to 959.

The Topix Mining Index, which includes Inpex, jumped 2.5 percent, the biggest percentage gain of the 33 industry groups in the broad measure.

Crude oil in New York surged in electronic trading on speculation supplies will be disrupted because of tension in the Persian Gulf after Iran seized British servicemen and the United Nations imposed new sanctions on the country.

Oil traded at $64.12 a barrel late yesterday in New York, up $1.19 from the day's settlement price of $62.93. That was the highest level since Sept. 11, 2006. Five trades were done between $68 and $68.09 a barrel just before 5 p.m., for the highest intraday price since September.

No comments:

Moneycontrol Top Headlines

IBN Business news

NDTV Financial News

SeekingAlpha India Stocks

Dead Presidents!