Western Japan companies hit by rain, but share losses limited (updated)

Edion

09/07/2018 05:47

(Adds some shares rising, updates with latest moves)
    TOKYO, July 9 (Reuters) - Shares of some companies hurt by
torrential rain in western Japan fell on Monday, but losses were
modest with Mazda Motor Corp  7261.T  even gaining as investors
bet that damages and disruptions to supply chains would be
limited.
    Shares of Yamato Holdings  9064.T , which runs a national
parcel delivery business, fell 0.9 percent on worries about
disruptions to its service. 
    Local businesses were hit particularly hard, and electronics
appliance retailer Edion Corp  2730.T  fell 1.7 percent by
mid-afternoon. The company is based in Osaka and many of its
stores are in western Japan.
    Hiroshima-based retailer Izumi Co  8273.T  fell as much as
3.7 percent to its lowest since late November before recovering
to trade 0.9 percent lower. 
    Mazda's shares rose 0.4 percent although the company
suspended operations at several plants.
    Mazda, headquartered in Hiroshima, said late on Sunday that
it would stop production at its plant in Fuchu, Hiroshima
Prefecture, and Hofu, Yamaguchi Prefecture, through Tuesday, as
it was unable to receive components. It said there was no damage
to its plants or those of its suppliers. 
    Shares of builders even rose on hopes they would benefit
from recovery efforts. Maeda Road Construction  1883.T  rose 3
percent, while Nissei Build Kogyo Co  1916.T  jumped 7.9
percent. 
    Rescuers in Japan dug through mud and rubble on Monday,
racing to find survivors after torrential rains unleashed
widespread floods and landslides that killed nearly 100, with
dozens missing.  urn:newsml:reuters.com:*:nL4N1U40WZ
    Rain tapered off across the western region, but power
companies said around 12,700 customers had no electricity while
Japanese media said tens of thousands had no water.

 (Reporting by Taiga Uranaka and Naomi Tajitsu; Writing by
Ritsuko Ando; Editing by Stephen Coates and Subhranshu Sahu)
 ((Ritsuko.Ando@reuters.com; +81 3 6441 1743; Reuters Messaging:
ritsuko.ando.thomsonreuters.com@reuters.net))