Wall Street

by Randy Chen

Online Stock Market Trading The Nikkei traded up 8.44 points to 11,668.73 by mid-day Monday, led by pharmaceutical stocks Sankyo and Daiichi Pharmaceutical that are rumored to merge.If you would like to receive late breaking business news first, then you need to subscribe. Membership is free.Print This Page

On Sunday night the Nikkei respond very slowly to the recovery in the Dow, but after all, the Japanese stock market ended much lower than its intraday high.

Stock Investing Course Feb 21, 2005 (AXcess News) Tokyo - The Nikkei traded up 8.44 points to 11,668.73 by mid-day Monday, led by pharmaceutical stocks Sankyo and Daiichi Pharmaceutical that are rumored to merge.

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Stock Market Game A Japanese business newspaper, Nihon Keizai, released a story saying the two pharmaceutical stocks were merging. That touched off both stocks trading higher with Sankyo rising 6.8 percent and Daiichi shares up 4.7 percent. The business daily said that the merger is planned for October. The combination would create a pharmaceutical company with over 900 billion yen ($8.51 billion) in annual sales, the newspaper said.

Towards the end of 1994 and 1995, his losses threatened to overwhelm him, so he made a massive bet on the Japanese stock market by purchasing futures pegged to the Nikkei 225. A bit like betting on more than 2.5 goals in a football match, Leeson bet the Nikkei would go up.

Stock Investing Game Traders in Japan were bullish on the news as they perceived a combination would be in the best interest of the market considering the number of pharmaceutical stocks listed. If the two companies merge it would create the second largest pharmaceutical company listed on the Nikkei.

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Journal Prime Rate Street Wall Sankyo is already the second largest drug company in Japan and Daiichi ranks sixth.

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Stock Market News In other action on the Nikkei, Mitsubishi Tokyo Financial Group offered $29 billion to buy Japan's fourth-largest bank, UFJ Holdings Inc.UFJ shares climbed 1.2 percent to 586,000 yen.Mitsubishi Tokyo offered 0.62 shares for every one share of UFJ, which was a premium to Friday's close of 3.1 percent.

Stock Investing Basics Mitsubishi Tokyo's shares rose 0.3 percent to 966,000 yen.Advertisement

Stock Investing Software In August, Sumitomo Mitsui Financial Group made an unsolicited bid for UFJ that went unanswered. Based on their offering price, Mitsubishi Tokyo's is a 23.5 percent premium, or $35 billion more.

Stock Market Trading Sumitomo's stock rose 0.3 percent to 717,000 yen.Monday, the U.S. stock exchanges are closed for President's Day, a national holiday. The lack of a counter market kept many large block buyers out of the Nikkei Monday.

Stock Investing For Dummy AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now, membership is free.

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