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Japan Hot Stocks-Daiichi Sankyo, Nintendo, Kumiai Chemical
TOKYO, Aug 29 - The benchmark Nikkei average <.N225> rose 2.3 percent and the broader TOPIX <.TOPX> was 2.6 percent higher as of 0515 GMT on Friday.
The following stocks were on the move: **DAIICHI SANKYO <4568.T> EDGES UP ON STOCK CANCELLATION PLAN**
Daiichi Sankyo edged higher after Japan's No.3 drugmaker said it would cancel 3.5 percent of its own shares.
The stock rose 2.5 percent to 3,290 yen, above its midday level at 3,250 yen. The TOPIX pharmaceutical subindex was up 1.5 percent. 0515 GMT **NINTENDO <7974.OS> JUMPS ON PROFIT, DIVIDEND OUTLOOK HIKE**
Nintendo Co Ltd jumped 6.3 percent to 50,800 yen after the maker of the Wii video game console lifted its full-year profit and dividend outlook, buoyed by solid sales of Wii and Nintendo DS portable game consoles.
The firm said it now expected its operating profit to rise to 650 billion yen for the year ending in March 2009, up from the previous forecast of 530 billion yen.
It lifted its annual dividend forecast to 1,680 yen per share from the previous estimate of 1,370 yen. 0510 GMT **KUMIAI CHEMICAL <4996.T> SOARS AFTER NOMURA "BUY" RATING**
Kumiai Chemical Industry Co Ltd soared 14.8 percent to 319 yen after Nomura Securities initiated its coverage with "buy," saying the firm's profit growth is expected to accelerate when it launches major new agrochemical products next year. 0455 GMT **MABUCHI MOTOR <6592.T> JUMPS ON SHARE BUYBACK**
Mabuchi Motor Co Ltd jumped 4.7 percent to 5,140 yen after the maker of small motors used for car electronics and consumer devices said it would buy back up to 3.5 billion yen worth of its own shares, or 1.6 percent of outstanding shares, between Sept. 1 and Sept. 22. 0347 GMT **NISSHINBO <3105.T> JUMPS ON NEW FACTORY, SHARE CANCELLATION**
Shares of Nisshinbo Industries Inc rose 11.3 percent to 1,222 yen after the textiles firm said it would spend 10 billion yen to build factories for solar battery production equipment and bipolar plates used in fuel cells, aiming to establish the two businesses as new growth drivers.
Nisshinbo also said it would cancel 8 million of its own shares, equivalent to 4.16 percent of those outstanding.
The company also announced on Thursday that it planned to shrink its domestic textile production operations while expanding them overseas, as part of its efforts to shift its resources in Japan to new business areas. 0200 GMT **TECMO BID ONLY, SQUARE ENIX UP ON TAKEOVER BID**
Shares of game software developer Tecmo <9650.T> remained bid-only at 806 yen, its limit high for the session, after videogame maker Square Enix Co <9684.T> said on Thursday it aims to buy a majority of Tecmo shares at 920 yen each.
Square Enix rose 3.1 percent to end the morning at 3,630 yen.
Square Enix's president will brief on the tender offer later on Friday. 0200 GMT **FUJIFILM HOLDINGS <4901.T> TUMBLES ON PROFIT CUT, DOWNGRADE**
Fujifilm tumbled 11.3 percent to 3,060 yen after slashing its annual operating profit forecast by nearly a quarter on Thursday, hit by higher raw material prices and heavier restructuring costs and missing market estimates by a large margin [ID:nT63086].
UBS subsequently downgraded its rating on the firm to "neutral" from "buy" and lowered its target price to 3,500 yen from 4,200 yen, noting that the new profit forecasts reflects more structural reform costs than expected. 0105 GMT **MITSUI MINING & SMELTING <5706.T> UP AFTER NEW FACTORY NEWS**
Mitsui Mining & Smelting Co Ltd, a leading nonferrous metals manufacturer, rose 2.1 percent to 293 yen after announcing that it is set to build a factory in Malaysia to make thin copper film at a cost of 1.5 billion yen.
The company said the new factory will be built next to an existing factory run by Mitsui Copper Foil , with construction starting this year and the first phase of construction to be completed at the start of 2010. 0039 GMT **AOZORA BANK <8304.T> TUMBLES AFTER REPORT PREDICTING LOSS** Aozora Bank fell 5.5 percent to 207 yen after the Nikkei business daily said the bank is now expected to post a first half net loss instead of the previously forecast profit due to a sharp rise in costs to cope with non-performing loans. [ID:nT63086] 0015 GMT
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