Most Asian stocks rallied on news that US home prices have risen the fastest since 2006 and orders for durable goods have increased. Japanese stocks' gains were limited by the fact that 79% of the companies in the Topix index were traded without dividend rights.
James Hardie Industries, a building materials supplier that gets 67% of its profits from the US, gained 1% in Sydney. The world's largest miner, BHP Billiton, rose 0,4% as crude prices rose. Toyota, the world's largest automaker, took 0,3 percent. Investors who bought the shares today will not be entitled to the dividend.
As of 10am in Tokyo, the Asia Pacific index was down 0,1% to 135.5 with five stocks rising for every four losses. The Topix also contracted slightly (-0,1%). Australia's S&P/ASX 200 was up 0,4%, while New Zealand's NZX 50 was up 1 percent.
“The shares would have gone up more if it hadn't been for the day without dividend rights,” said Koji Toda, chief fund manager of Resona Bank in Tokyo. “The United States enjoys a very good scenario, while weakness remains in Europe”.
