TEPCO shares up 33% after Japan conservative election win

Fukushima operator TEPCO's shares soared almost 33 percent Monday, leading an energy firm rally after a conservative election win likely to mean any short-term plans to ditch atomic power will be shelved.

Tokyo Electric Power (TEPCO) rocketed 32.89 percent to 202 yen by the break, Chubu Electric Power jumped 7.56 percent to 1,166 yen and Kansai Electric was up 13.68 percent at 889 yen.

The huge surge on the Tokyo Stock Exchange came after voters on Sunday dumped Prime Minister Yoshihiko Noda and his Democratic Party of Japan (DPJ), giving the pro-business Liberal Democratic Party a landslide victory.

Anti-nuclear sentiment has run high in Japan after last year's Fukushima atomic crisis, with opinion polls showing a majority of voters wanted to phase out nuclear power.

However, that failed to translate into wider support for the DPJ, which had pledged to work toward a zero-nuclear country, or a group of small anti-nuclear parties which had little impact at the polling booth.

Premier-in-waiting Shinzo Abe, the LDP's hawkish head, derided the zero-nuclear goal as unrealistic and "irresponsible" -- and hinted at keeping atomic power.

The LDP has said it would decide on reactor restarts in three years and the nation's "best energy mix" within a decade.

Major business lobby Keidanren said in a statement Monday that it "welcomes the LDP's landslide victory".

Japan's private sector had bemoaned the nation's energy bills as already too high with less nuclear meaning more challenges for Japan Inc. which was wrestling with a strong yen and weakening overseas demand.

All but two of Japan's 50 reactors remain switched off in the wake of last year's atomic accident, the worst in a generation.

To plug the energy gap, Japan turned to pricey fossil fuel alternatives -- nuclear once supplied about one-third of the resource-poor nation's power mix.

"We think an LDP victory would reduce the long-term risk of even relatively new nuclear power plants being forcibly decommissioned," Nomura Securities said in a client note.

The Abe administration was unlikely to rush on reactor restarts until experts from the Nuclear Regulation Authority decide which plants are safe to go back online, the brokerage said.

"Japanese electric power companies will still look to LNG (liquefied natural gas) as an alternative to nuclear power even if the LDP returns to government," it added.

"However, the move away from nuclear power would probably be slower than under the DPJ, meaning a corresponding slower shift to LNG."

Abe's opponents say the LDP's cosy attitude to regulation was a big factor in the lax supervision that worsened the disaster at Fukushima, which saw a quake-sparked tsunami slam into the plant, swamping its cooling systems and sending reactors into meltdown.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • VW's Skoda to ponder U.S. production amid market push Reuters - 8 minutes ago

    Volkswagen's (VOWG_p.DE) Czech division Skoda said it will assess the possibility of building cars in the United States as it considers selling in the world's second largest auto market where its parent continues to grapple with an emissions … More »

  • Bunker-busting bombs close Aleppo underground schools: charity
    Bunker-busting bombs close Aleppo underground schools: charity AFP News - 33 minutes ago

    Bunker-busting bombs are putting children in so much danger in Syria's Aleppo that they won't even be able to return to underground schools when classes resume this weekend, a charity said Friday. The "ferocious assault" on Aleppo could deprive … More »

  • Most Asian Index Futures Drop Amid Bank Rout; Oil, Copper Swing Bloomberg - 41 minutes ago

    Shares in New Zealand fell early Friday with U.S. index futures, as contracts on equity gauges in Japan, Australia and South Korea foreshadowed losses. Financial stocks drove the S&P 500 Index lower last session amid concern over Deutsche Bank AG … More »

  • Elliott Management takes 8.1 percent stake in Mentor Graphics Reuters - 53 minutes ago

    (Reuters) - Activist hedge fund Elliott Management said it picked up an 8.1 percent stake in electronics hardware supplier Mentor Graphics Corp (MENT.O), a few months after Carl Icahn exited the company. ... … More »

  • Obama, Merkel condemn 'barbarous' Russian, Syrian strikes on Aleppo
    Obama, Merkel condemn 'barbarous' Russian, Syrian strikes on Aleppo AFP News - 1 hour 1 minute ago

    US President Barack Obama and German Chancellor Angela Merkel condemned what they called "barbarous" Russian and Syrian regime airstrikes on Aleppo during a phone call Thursday, the White House said. The Syrian government and its ally Russia "bear … More »

  • Deutsche Bank shares sink 7% as hedge funds pull money out AFP - 1 hour 19 minutes ago

    Deutsche Bank shares sank seven percent Thursday after news that a number of hedge funds had pulled money out of the German giant amid worries over its financial strength. The move to sell off the German ... … More »

  • Signoff creates savings funds for private California workers
    Signoff creates savings funds for private California workers Associated Press - 1 hour 22 minutes ago

    Nearly 7 million California workers will be automatically enrolled in a retirement savings account under legislation Gov. Jerry Brown signed Thursday in an attempt to address growing fears that many workers ... … More »

  • Saudi warns of 'disastrous consequences' over US 9/11 law
    Saudi warns of 'disastrous consequences' over US 9/11 law AFP News - 1 hour 25 minutes ago

    Saudi Arabia on Thursday warned of "disastrous consequences" from a United States law allowing 9/11 victims to sue the kingdom, in a major spike in tension between the longstanding allies. The warning came after the US Congress voted overwhelmingly … More »

  • ECB's Nowotny says Europe not facing new banking crisis
    ECB's Nowotny says Europe not facing new banking crisis Reuters - 1 hour 27 minutes ago

    European Central Bank Governing Council member Ewald Nowotny said on Thursday he did not believe that Europe faced a new banking crisis similar to that seen in 2007 and 2008, but the financial sector was clearly in a transitional phase. During the … More »

  • Airbus Group to merge with its jetmaking unit - sources
    Airbus Group to merge with its jetmaking unit - sources Reuters - 1 hour 28 minutes ago

    Airbus Group SAS is likely to merge with its main planemaking unit, Airbus SAS, as part of a corporate restructuring being finalised on Thursday, people familiar with the matter said. A spokesman for Airbus Group (AIR.PA) declined to comment. The … More »

  • Business Highlights Associated Press - 1 hour 29 minutes ago

    ___ House lawmakers heap blistering criticism on Wells Fargo CEO Angry lawmakers heaped another round of blistering criticism on Wells Fargo's CEO, pressing Thursday for details about what senior managers ... … More »

  • The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal
    The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal Business Insider - 1 hour 34 minutes ago

    Salesforce Salesforce CEO Marc Benioff Salesforce lost its … Continued The post The real reason Salesforce is complaining to regulators about the Microsoft-Linkedin deal appeared first on Business Insider. … More »

  • US hedge fund to pay $400 million in African bribery case Associated Press - 1 hour 36 minutes ago

    A major Wall Street hedge fund has agreed to pay more than $400 million to settle charges accusing it of using a web of brazen middlemen to pay bribes to African officials, authorities said Thursday. The ... … More »

  • Dollar's movements split on forex markets AFP - 1 hour 37 minutes ago

    The dollar fell slightly against the euro on currency markets on Thursday but gained against the yen and the pound. Analysts pointed to rising crude prices but falling stock markets as countervailing pressures ... … More »

  • Xi’s $420 Billion China Rail Push Lures First Private Investment Bloomberg - 1 hour 50 minutes ago

    Shanghai Fosun High Technology Co. signed an agreement with the provincial government of Zhejiang in eastern China to buy a controlling stake in a 46.2 billion yuan ($6.9 billion) high-speed project linking the cities of Hangzhou and Taizhou, the … More »

  • Vietnam Sugar Producer Plans $600 Million Singapore Listing Bloomberg - 1 hour 50 minutes ago

    Ahead of the planned share sale, the group’s Thanh Thanh Cong Tay Ninh SC or TTC Sugar, will merge with another sugar company to create a combined entity worth $200 million and Vietnam’s largest sugar company, group officials said in an interview. … More »

  • Deutsche Bank worries hit US stocks
    Deutsche Bank worries hit US stocks AFP News - 1 hour 51 minutes ago

    US stocks tumbled Thursday after a report on withdrawals from Deutsche Bank revived worries about the health of one of the world's largest banks. News of the withdrawals sent a shudder through Wall Street, where trade had been muted earlier in the … More »

  • Senator: Education Dept. mishandling Corinthian student debt
    Senator: Education Dept. mishandling Corinthian student debt Associated Press - 2 hours 4 minutes ago

    The Education Department is pursuing debt collection — rather than debt relief — for nearly 80,000 former students of Corinthian Colleges, despite federal and state findings that the now-defunct for-profit ... … More »

  • 3Q Fund Review: A welcome return to strong, steady returns Associated Press - 2 hours 10 minutes ago

    It was a good summer for fund investors, as calm and strong markets around the world lifted most categories to gains from July into September. The third quarter's smooth ascent was a turnaround from the ... … More »

  • AP Explains: What does OPEC's tentative deal mean for oil?
    AP Explains: What does OPEC's tentative deal mean for oil? Associated Press - 2 hours 16 minutes ago

    OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algeria, but a major disagreement between regional rivals Saudi Arabia and ... … More »

  • MSCI Still Monitoring China A Shares After ‘Positive’ Signs Bloomberg - 2 hours 24 minutes ago

    MSCI said it has seen a “marginal” drop in the number of suspended mainland shares after Shanghai and Shenzhen exchanges released stock suspension rules in late May. The announcement comes after MSCI in June cited accessibility issues among the … More »

  • Oil rises close to $50/bbl; doubts on OPEC plan cap gains
    Oil rises close to $50/bbl; doubts on OPEC plan cap gains Reuters - 2 hours 29 minutes ago

    Oil jumped more than 1 percent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global crude glut. … More »

  • Oil rises close to $50/barrel; doubts on OPEC plan cap gains
    Oil rises close to $50/barrel; doubts on OPEC plan cap gains Reuters - 2 hours 31 minutes ago

    Oil jumped more than 1 percent on Thursday, with Brent nearing $50 (39 pounds) a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global … More »

  • Stocks Fall as Deutsche Bank Woes Roil Lenders; Treasuries Climb Bloomberg - 2 hours 33 minutes ago

    Equities erased gains after Bloomberg News reported about 10 hedge funds that do business with the German lender have moved to reduce their financial exposure. Traders pushed down the value of equities after the report on Deutsche Bank rekindled … More »

  • ECB's Lautenschlaeger says bank needs to craft exit from stimulus  Reuters - 2 hours 33 minutes ago

    FRANKFURT (Reuters) - The European Central Bank should not provide further stimulus, including through stock or bond purchases, but needs to carefully craft its exit from asset buys to avoid turbulence, ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.16+0.01+5.96%
    N21.SI
    0.112+0.003+2.75%
    40E.SI
    0.285+0.010+3.64%
    5ME.SI
    0.13+0.01+6.56%
    A50.SI
    0.107+0.002+1.90%
    40F.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.13+0.02+16.07%
    BEH.SI
    0.119+0.015+14.42%
    A7S.SI
    0.34+0.04+13.33%
    AYV.SI
    0.395+0.045+12.86%
    BQF.SI
    0.182+0.020+12.35%
    BGO.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.154-0.013-7.78%
    5WJ.SI
    0.16-0.01-5.88%
    5G1.SI
    0.185-0.011-5.61%
    B7K.SI
    0.100.00-4.76%
    42D.SI
    0.142-0.007-4.70%
    5AM.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3648+0.0008+0.06%
    USDSGD=X
    1.5309+0.0009+0.06%
    EURSGD=X
    1.7688+0.0007+0.04%
    GBPSGD=X
    74.1500+0.079+0.11%
    SGDJPY=X
    5.6810-0.003-0.05%
    SGDHKD=X
    3.0215-0.0014-0.05%
    SGDMYR=X
    9,538.1689-4.5439-0.05%
    SGDIDR=X
    4.8833-0.0037-0.08%
    SGDCNY=X
    1.0407-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.30-0.70-0.05%
    GCZ16.CMX
    19.16-0.03-0.15%
    SIZ16.CMX
    95.01-0.66-0.69%
    ^XAU
    2.190.00-0.14%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.12-0.01
    ^FVX
    1.56-0.01
    ^TNX
    2.28-0.01
    ^TYX