TOKYO, Oct 8 (Reuters) - The benchmark Nikkei average and broader Topix both rose about 0.1 percent on Thursday.
The following stocks were on the move:
**SHIPPERS JUMP ON BALTIC FREIGHT INDEX'S SURGE, UPGRADE**
Shipping firms extended gains after the Baltic Exchange's main sea freight index rose to a seven-week high on hopes for fresh Chinese demand and after Bank of America Merrill Lynch raised its ratings on the three major shippers to 'neutral' from 'underperform'.
Mitsui OSK Lines jumped 6.2 percent to 567 yen, Kawasaki Kisen Kaisha surged 7.7 percent to 366 yen and Nippon Yusen KK shot up 7.9 percent to 370 yen.
The Baltic index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 4.3 percent or 105 points to 2,546 points on Wednesday in a sixth straight session of gains and was at its highest since Aug. 19.
The sea transport subindex advanced 7 percent, rising for the third day.
The brokerage hiked the ratings on the three shippers, in part due to signs that rates for some container routes were bottoming out.
0442 GMT
**ELPIDA UP AFTER ANNOUNCING 40-NANOMETRE PRODUCTION**
Shares in Elpida Memory Inc rose 4.3 percent to 1,159 yen after it said it would begin bulk production of DRAM chips using 40-nanometre technology this year at its cutting-edge Hiroshima plant to meet demand for high-end servers.
The move will help Japan's sole maker of dynamic random-access memory challenge sector leaders Samsung Electronics and Hynix Semiconductor.
0200 GMT
**NIKON CLIMBS AFTER BROKER RAISES RATING BY THREE NOTCHES**
Nikon Corp rose 5.7 percent to 1,623 yen after Mitsubishi UFJ Securities upgraded its rating to a '1' from a '4' and set a six-month to 12-month target price of 2,020 yen.
Senior analyst Masahiko Ishino cut his operating loss estimate for Nikon for the year to next March to a loss of 10 billion yen from a previous estimate of a 30 billion yen loss.
He also lifted operating profit forecasts for the 2010/11 and 2011/12 financial years.
He said Nikon's semiconductor and liquid crystal display production equipment divisions would show an improvement in operating income and also forecast strong sales of digital single lens reflex cameras.
0200 GMT
**CRESCENDO EXTENDS GAINS, TO RESUME PROPERTY BUYING**
Crescendo Investment Corp rose 3.4 percent to 155,000 yen after the head of its asset management arm said the real estate investment trust, having bolstered its finances, would resume buying properties as early as December.
Shares of Crescendo surged 12.5 percent on Wednesday on an announcement it would raise 3 billion yen ($34.04 million) in capital from Heiwa Real Estate and receive fresh loans from its banks to allow it to repay bonds due this month.
The REIT should have the capacity to buy properties worth more than 10 billion yen and could make acquisitions as early as December, Mitsuhiro Utata, president of Canal Investment, told Reuters in an interview.
0144 GMT
**SEGA SAMMY HOLDINGS JUMPS AFTER BROKERAGE UPGRADE**
Sega Sammy Holdings jumped 9.8 percent to 1,234 yen after Mizuho Securities raised its recommendation on the stock to '2' from '3' and set a target price of 1,450 yen.
'With an improved position as a pachinko manufacturer and signs of an improvement in mainstay pachislot machine sales, we believe the company is now at a point at which it deserves credit for improved earnings in the pachinko/pachislot business,' analyst Takeshi Koyama said in a research note.
Pachinko is a vertical form of pinball while pachislot is a high-tech variation of a slot machine.
0118 GMT
**CHIYODA DOWN AFTER CUTTING ANNUAL PROFIT FORECAST**
Chiyoda Co dropped 3.3 percent to 1,142 yen after the shoes retailer lowered its annual operating profit forecast by 33 percent due to unexpectedly weak sales caused by an economic downturn.
The company now sees an operating profit of 4.63 billion yen for the current financial year to February 28 instead of a previously projected 6.95 billion yen.
0030 GMT
(Reporting by Mariko Katsumura)
((mariko.katsumura@thomsonreuters.com; +81-3-6441-1811; Reuters Messaging: mariko.katsumura.reuters.com@reuters.net))
($1=88.14 Yen) Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stocks were on the move:
**SHIPPERS JUMP ON BALTIC FREIGHT INDEX'S SURGE, UPGRADE**
Shipping firms extended gains after the Baltic Exchange's main sea freight index rose to a seven-week high on hopes for fresh Chinese demand and after Bank of America Merrill Lynch raised its ratings on the three major shippers to 'neutral' from 'underperform'.
Mitsui OSK Lines jumped 6.2 percent to 567 yen, Kawasaki Kisen Kaisha surged 7.7 percent to 366 yen and Nippon Yusen KK shot up 7.9 percent to 370 yen.
The Baltic index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 4.3 percent or 105 points to 2,546 points on Wednesday in a sixth straight session of gains and was at its highest since Aug. 19.
The sea transport subindex advanced 7 percent, rising for the third day.
The brokerage hiked the ratings on the three shippers, in part due to signs that rates for some container routes were bottoming out.
0442 GMT
**ELPIDA UP AFTER ANNOUNCING 40-NANOMETRE PRODUCTION**
Shares in Elpida Memory Inc rose 4.3 percent to 1,159 yen after it said it would begin bulk production of DRAM chips using 40-nanometre technology this year at its cutting-edge Hiroshima plant to meet demand for high-end servers.
The move will help Japan's sole maker of dynamic random-access memory challenge sector leaders Samsung Electronics and Hynix Semiconductor.
0200 GMT
**NIKON CLIMBS AFTER BROKER RAISES RATING BY THREE NOTCHES**
Nikon Corp rose 5.7 percent to 1,623 yen after Mitsubishi UFJ Securities upgraded its rating to a '1' from a '4' and set a six-month to 12-month target price of 2,020 yen.
Senior analyst Masahiko Ishino cut his operating loss estimate for Nikon for the year to next March to a loss of 10 billion yen from a previous estimate of a 30 billion yen loss.
He also lifted operating profit forecasts for the 2010/11 and 2011/12 financial years.
He said Nikon's semiconductor and liquid crystal display production equipment divisions would show an improvement in operating income and also forecast strong sales of digital single lens reflex cameras.
0200 GMT
**CRESCENDO EXTENDS GAINS, TO RESUME PROPERTY BUYING**
Crescendo Investment Corp rose 3.4 percent to 155,000 yen after the head of its asset management arm said the real estate investment trust, having bolstered its finances, would resume buying properties as early as December.
Shares of Crescendo surged 12.5 percent on Wednesday on an announcement it would raise 3 billion yen ($34.04 million) in capital from Heiwa Real Estate and receive fresh loans from its banks to allow it to repay bonds due this month.
The REIT should have the capacity to buy properties worth more than 10 billion yen and could make acquisitions as early as December, Mitsuhiro Utata, president of Canal Investment, told Reuters in an interview.
0144 GMT
**SEGA SAMMY HOLDINGS JUMPS AFTER BROKERAGE UPGRADE**
Sega Sammy Holdings jumped 9.8 percent to 1,234 yen after Mizuho Securities raised its recommendation on the stock to '2' from '3' and set a target price of 1,450 yen.
'With an improved position as a pachinko manufacturer and signs of an improvement in mainstay pachislot machine sales, we believe the company is now at a point at which it deserves credit for improved earnings in the pachinko/pachislot business,' analyst Takeshi Koyama said in a research note.
Pachinko is a vertical form of pinball while pachislot is a high-tech variation of a slot machine.
0118 GMT
**CHIYODA DOWN AFTER CUTTING ANNUAL PROFIT FORECAST**
Chiyoda Co dropped 3.3 percent to 1,142 yen after the shoes retailer lowered its annual operating profit forecast by 33 percent due to unexpectedly weak sales caused by an economic downturn.
The company now sees an operating profit of 4.63 billion yen for the current financial year to February 28 instead of a previously projected 6.95 billion yen.
0030 GMT
(Reporting by Mariko Katsumura)
((mariko.katsumura@thomsonreuters.com; +81-3-6441-1811; Reuters Messaging: mariko.katsumura.reuters.com@reuters.net))
($1=88.14 Yen) Keywords: MARKETS JAPAN STOCKS HOT (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
