4:30 PM Tokyo – Investors focused on latest earnings announcements and market indexes in Japan rose for the second day in a row. Matsuya Co, the department-store operator swung to a quarterly profit. Maezawa Industries soared 27% on annual earnings outlook.
Stocks in Tokyo closed higher for the second day in a row and the yen edged ahead as earnings announcement pick up pace.
The Nikkei 225 Stock Average gained 98.34 or 0.6% to 15,395.16 and the broader Topix index rose 8.22 to 1,273.68.
The yen declined nearly 0.1% to close at 101.59 against one U.S. dollar.
More than sixty companies are expected to release earning this week and Maezawa Industries soared after the maker of sewage equipment maker estimated annual earnings to soar 49% to 720 million yen.
Stocks in Review
Aderans Company Limited
gained 1.2% to 1,553 yen after the wigs maker reported net sales in the first-quarter ending in May soared 33.5% to 18.82 billion yen from 14.10 billion yen a year ago period.
Net income in the quarter tumbled 85.2% to 236 million yen compared to 1.60 billion yen and diluted earnings per share plunged 6.42 yen from 43.37 yen a year earlier.
As of quarter ending in May, the company said liabilities jumped to 28.60 billion, up 526 million yen from quarter fourth ending in February.
Honda Motor Co Ltd
increased 1.4% to 3,607 yen after the Nikkei news reported the automaker may start to manufacture engine production in China from April.
soared 7% to 1,145 yen after the operator of department store chain swung to a quarterly income of 314 million yen from a loss of 39 million yen a year ago.
Mitsubishi Heavy Industries Ltd
rose 0.8% to 655 yen after the diversified manufacturer’s aircraft unit reached a deal to sell 40 regional jets to U.S. carrier Eastern Air Lines Group Inc.
Pal Co., Ltd
closed unchanged at 2,822 yen after the apparel retailer said net sales in the first-quarter ending in May jumped 9.2% to 26.03 billion yen from 23.84 billion yen a year ago.
Net income in the quarter climbed 17.7% to 1.35 billion yen compared to 1.15 billion yen and earnings per share increased to 61.58 yen from 52.34 yen a year earlier.
Takashimaya Company, Limited
closed unchanged at 944 yen after the department store operator said store sales in June declined 4.9% after falling 8.4% in May.
Sales at four regional stores in Okayama, Gifu, Yonago and Takasaki dropped 4.9% compared to 7.9% decline in May.
Store sales declined for the third month in a row after rising 31.7% in March. For the four months to June sales increased 2.2%.