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Thursday May 27, 05:41
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Telecoms fail to give direction for Tokyo stocks
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Tokyo stocks stayed largely flat on Thursday as dramatic shifts in the ownership of the telecoms sector failed to generate enough upward momentum to carry the whole market higher.
The Nikkei 225 average was up 0.1 per cent at 11,166.03 while the Topix index slipped 0.1 per cent to 1.126.64.
KDDI, a leading telecoms operator, rose 3.3 per cent to Y630,000 after it emerged that Ripplewood, the US private equity firm, and Kyocera were in advanced talks on a joint acquisition of the group’s wireless service provider, DDI Pocket.
Under the structure being discussed, Carlyle would take a 60 per cent controlling stake in DDI while Kyocera would be left with 30 per cent of the company. KDDI would retain a 10 per cent stake. Kyocera, a technology producer best known for its ceramic semiconductor casing, slipped 1.2 per cent to Y8,990.
Softbank finished up 0.7 per cent at Y4,160 but off its intra-day high after revealing earlier this week it would acquire Japan Telecom from Ripplewood, a move intended to accelerate the spread of advanced broadband services.
Vodafone Holdings leapt 5.6 per cent to Y300,000, adding to a 16 per cent gain in the previous session triggered by Vodafone Group’s decision to buy out minority shareholders in the Japanese subsidiary.
NTT DoCoMo, Japan’s dominant mobile operators, rose 1.5 per cent to Y202,000, while NTT was down 0.7 per cent at Y554,000.
Elsewhere Fanuc, the world’s largest maker of industrial robots, rose 3.1 per cent to Y6,370 after reporting a 45 per cent rise in annual net profit to Y57bn on Wednesday and forecasting a consensus-beating Y60bn profit for this year.
(FT.com)
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