Japanese equities drop as Earthquake expected

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Source: Dukascopy Bank SA
Japanese shares dropped led by shrinking Utilities sector as an earthquake may be distract functioning of a nuclear reactor, therefore power suppliers are pulling back the stock market today. Experts say prospects for restarting the nuclear reactors are deteriorating, thus increasing the cost of electricity. That in turn could negatively affect raw-material companies. The Nikkei 225 Stock Average (NKY) dropped 0.1% to 9,525.32.

Four out of nine sectors advanced within the industry with Oil and gas and Consumer services advancing the most, up 0.74% and 0.70%. Sharp Corporation was the leading company by surging 6.86%, whereas yesterday's top performer Sumco Corporation took the second place and gained 5.44%. Sharp advanced to 218 yen, while Sumco soared to 717 yen after Daiwa Securities increased its investment rating from "neutral" to "outperform" on rising demand for tablet computers. Meanwhile, Kansai Electric Power dropped the most, down 4.4% to 742 yen, followed by Chubu Electric Power Co. that slid 1.4% to 138 yen.

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