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Market Update

Construction Companies Lead Nikkei's Advance in Tokyo

Author: Hiruki Nakamura
Last Update: 9:52 AM ET May 28 2014

4:30 PM Tokyo – Nikkei in Tokyo advanced and the year traded near 2-month high and construction companies were in focus on the expectations of city development tax incentives. Senko Co said annual sales and net income rose.

Stocks in Tokyo advanced and construction companies were in focus on the expectations that the central government may extend tax incentives to develop cities for two more years ahead of the Olympic Games in 2020.

Japan’s net foreign assets exceeded 300 trillion yen for the first time at the end of 2013, mainly because of sharp decline of yen, the government said.

The Nikkei 225 Stock Average gained 34.43 or 0.2% to 14,670.95 and the broader Topix index edged up 3.06 to 1,198.17.

The yen fell at 101.82 against one U.S. dollar.

Stocks in Review

Toyota Motor Corp rose 28 yen to 5,613 yen. Honda Motor Co fell 43 yen to 3,526 yen. Nissan Motor Co Ltd slid 0.2% to 908 yen.

Sony slipped 31 yen to 1,654 yen.

Softbank Corp gained 48 yen to 7,192 yen. Fast Retailing Co Ltd jumped 215 yen to 34,040 yen.

Eisai Co., Ltd increased 0.2% to 4,183 yen after the pharmaceutical company’s European subsidiary received a positive opinion from the European Medicines Agency on Halaven® (generic versions are named eribulin) to contribute earlier treatment to patients with breast cancer.

Hitachi, Ltd fell 0.6% to 687 yen and the engineering company’s subsidiary was awarded an order for 14 units of ultra-high speed elevators to install in India for a 72-story residential project known as Nathani Heights, in Mumbai.

Kobe Steel, Ltd gained 0.7% to 139 yen and the steel producer plans to set up a joint venture with Toyota Tsusho Corp. in the U.S. to manufacture aluminum sheets for automotive body panels and heat exchangers.

Senko Co Ltd rose 0.2% to 518 yen after the transportation and logistic company said net sales in the year ending in March climbed 13.7% to 333.88 billion yen from 293.53 billion yen a year ago.

Net income in the year surged 25% to 6.50 billion yen compared to 5.20 billion yen and diluted earnings per share jumped 9.8% to 44.34 yen from 37.46 yen a year earlier.

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