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Market Update

2-day Rise in Yen Drags Nikkei in Tokyo


Author: Hiruki Nakamura
ticker.com
Last Update: 11:17 AM ET November 10 2014

4:30 PM Tokyo Market indexes in Japan closed lower after advancing for three weeks in a row and the yen strengthened. The yen extended two-day gains to 1.2% after falling sharply in the last two weeks. Takata plunged 17% after U.S. lawmakers demanded criminal investigation of air-bag recall crisis.

Stocks in Tokyo traded lower and the yen strengthened and investors focused on domestic companies.

Investors stayed on the side line after market indexes surged for three weeks in a row and the yen rebounded from the losses in the last four weeks.

The Nikkei 225 Stock Average slipped 99.85 or 0.6% to 16,780.53 and the broader Topix index slid 3.56 to 1,360.11.

The yen rebounded to close at 114.10 against one dollar.

Stocks in Review

F@N Communications Inc increased 0.6% to 1,063 yen after the advertising service provider said net revenue in the third-quarter ending in September soared 43.7% to 23.28 billion yen from 16.19 billion yen a year ago period.

Net income in the period climbed 48.8% to 2.68 billion yen compared to 1.80 billion yen and diluted earnings per share increased to 34.32 yen from 23.33 yen in the same period a year ago.

Kansai Electric Power Co Inc declined 3.2% to 1,120 yen after the Kyodo news reported that the city of Osaka, intends to sell its entire holding in the electric power supplier. The city controls less than 9% stake in the utility.

SIIX Corp gained 0.8% to 1,951 yen after the electronic parts and devices maker said net sales in the third-quarter ending in September fell 1.1% to 305 million yen from 302 million yen a year ago period.

Net income in the quarter slid 1.1% to 176 million yen compared to 178 million yen and earnings per share slipped to 41.74 yen from 42.08 yen in the same period a year ago.

Sumitomo Metal Mining Co., Ltd jumped 2.1% to 1,527 yen after the non-ferrous metals producer reported net sales in the first-half ending in September climbed 7.1% to 445.47 billion yen from 416.01 billion yen a year ago period.

Net income in the period surged 38.5% to 55.45 billion yen compared to 40.02 billion yen and diluted earnings per share jumped to 89.52 yen from 64.69 yen in the same period a year ago.

Toshiba Corporation rose 0.2% to 499.80 yen after the electronic device maker plans to invest 3 billion yen or about $30 million to increase production capacity at Toshiba Transmission & Distribution Systems India Pvt. Ltd. in Hyderabad.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc