Japanese Stocks Gain, Led by Oil, Mining Companies; Hitachi, Terumo Rise

Japan’s stocks gained, led by oil companies after escalating violence in Libya drove prices higher.
Inpex Corp. and Japan Petroleum Exploration Co., the nation’s two largest oil explorers, both gained at least 1.2 percent. Sumitomo Metal Mining Co., a gold producer, advanced 0.2 percent after prices of the material rose. Hitachi Ltd., an electronics maker, increased 2.8 percent after agreeing to sell a unit to Western Digital Corp. Terumo Corp., Japan’s No. 1 medical device maker, climbed 2.1 percent after it agreed to buy Gambro AB’s CaridianBCT unit.
The Nikkei 225 (NKY) Stock Average rose 0.2 percent to 10,529.07 as of 9:41 a.m. in Tokyo. The broader Topix index advanced 0.1 percent to 942.92, with almost three times as many shares advancing as falling.
The Topix rose 4.8 percent this year through yesterday, compared with gains of 4.2 percent by the Standard & Poor’s 500 Index and 1.8 percent by the Stoxx Europe 600 Index. Shares in the Topix were valued at 15.8 times estimated earnings on average as of the last close, compared with 13.6 times for the S&P 500 and 11.2 times for the Stoxx 600.
Oil climbed to a 29-month high in New York yesterday as fighting between Libyan rebels and troops loyal to Muammar Qaddafi intensified, reigniting concern supply disruptions will spread through the Middle East. Crude oil for April delivery increased $1.02 to $105.44 a barrel in New York, the highest settlement since Sept. 26, 2008.
Gold futures for April delivery rose $5.90, or 0.4 percent, to settle at $1,434.50 on the Comex in New York.
Hitachi advanced after the electronics maker and Western Digital Corp. said Western Digital will acquire Hitachi Global Storage Technologies, a wholly-owned subsidiary of Hitachi, in a cash and stock transaction valued at about $4.3 billion.
Terumo agreed to buy Gambro AB’s CaridianBCT unit for $2.63 billion, including debt, to become the world’s biggest maker of blood-transfusion equipment.
To contact the reporter on this story: Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net.
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.