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On Sunday night the Nikkei respond very slowly to the recovery in the Dow, but after all, the Japanese stock market ended much lower than its intraday high.

Currency Day Trading The Nikkei traded up 8.44 points to 11,668.73 by mid-day Monday, led by drug stocks Sankyo and Daiichi Pharmaceutical that are rumored to merge.If you would like to receive late breaking business news covered by AXcess News then you need to subscribe. By joining, you can stay ahead of the pack and receive the latest news in your email in-box first.

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Updated throughout each trading day, Stocks On The Move™ rated stocks surging up or down on unusually big volume. Plus, you get Mobile Stock Checkup^® for each company on the list, letting you instantly evaluate each company with an Overall Rating, Attractiveness Rating, and more.

Online Stock Trading Company Feb 21, 2005 (AXcess News) Tokyo - The Nikkei traded up 8.44 points to 11,668.73 by mid-day Monday, led by drug stocks Sankyo and Daiichi Pharmaceutical that are rumored to merge.

largest ethanol producer in the U.S. The company priced an IPO of 18.3 million shares at $23 per share Wednesday. VeraSun expected to sell fewer shares at $18 to $20 per share, but demand for the stock was so high it sold out every share available at a premium. Trading in VeraSun Energy's shares on the New York Stock Exchange pushed the ethanol producer's stock up as high as $30.75 before trading down at $28.35 in afternoon trading in New York, but still at a 23 percent premium to the IPO price. Volume had reached 18, 739, 200 shares.

Forex Day Trading A Japanese business newspaper, Nihon Keizai, released a story saying the two pharmaceutical stocks were merging. That touched off both stocks trading higher with Sankyo rising 6.8 percent and Daiichi shares up 4.7 percent. The business daily said that the merger is planned for October. The combination would create a drug company with over 900 billion yen ($8.51 billion) in annual sales, the newspaper said.

Financial In Market Traders in Japan were bullish on the news as they perceived a combination would be in the best interest of the market considering the number of drug stocks listed. If the two companies merge it would create the second largest pharmaceutical company listed on the Nikkei.Sankyo is already the second largest drug company in Japan and Daiichi ranks sixth.

Stock Trading System In other action on the Nikkei, Mitsubishi Tokyo Financial Group offered $29 billion to buy Japan's fourth-largest bank, UFJ Holdings Inc.UFJ shares climbed 1.2 percent to 586,000 yen.Mitsubishi Tokyo offered 0.62 shares for every one share of UFJ, which was a premium to Friday's close of 3.1 percent.

Day Trading Stock Tip Mitsubishi Tokyo's shares rose 0.3 percent to 966,000 yen.Advertisement

Financial Forex Forex Software In August, Sumitomo Mitsui Financial Group made an unsolicited bid for UFJ that went unanswered. Based on their offering price, Mitsubishi Tokyo's is a 23.5 percent premium, or $35 billion more.

Stock Market Trading Sumitomo's stock rose 0.3 percent to 717,000 yen.Monday, the U.S. stock exchanges are closed for President's Day, a national holiday. The lack of a counter market kept many large block buyers out of the Nikkei Monday.

Day Lesson Stock Tip Trading AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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