S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Energy Stocks Rebound in Japan, Restructuring Hopes at Sharp


Author: Hiruki Nakamura
ticker.com
Last Update: 9:54 AM ET April 16 2015

4:30 PM Tokyo Japanese stocks traded lower and the food industry index fell after leading all other industries in the year with a surge of 18%. Energy stocks led the gainers in the session after crude oil price jumped to a new 2015-high. Sharp Corp soared on the hopes of restructuring.

Stocks in Japan traded lower and market indexes declined to one-week low after the recent market leaders took a breather.

Food industry stocks, favoured by pension funds and foreign investors, edged down after leading all other sectors with a surge of 18% in the year so far.

In addition, energy stocks led the gainers in Tokyo after crude oil price jumped to a new high in 2015 after the U.S. government report showed a smaller than expected increase in inventories.

Airlines, reliant of cheaper fuel, declined after the recent surge in oil prices.

The Nikkei 225 Stock Average rose 16.01 to 19,885.77 and the broader Topix index gained 10.61 to 1,599.42.

The yen closed at 119.36 against a dollar.

Stocks in Review

Dentsu Inc closed unchanged at 5,620 yen after the advertising and marketing services provider signed an agreement to acquire the U.S.-based Forbes Consulting Group, full-service consumer insight firm focused in neuroscience area.

J. Front Retailing Co Ltd fell 0.3% to 2,011 yen after the department store chain operator said total sales in March declined 17.4% compared to 6.5% rise in the month a year ago.

The retailer said total department stores business plunged 22.9%; sales from credit business segment dropped 17.5% and sales from other business tumbled 22% while sales climbed 13.3% in the wholesale business.

Nippon Accommodations Fund Inc gained 1.8% to 480,500 yen after the real estate developer reported net sales in the second-half ending in February slid 0.2% to 10.13 billion yen from 10.15 billion yen in a year ago period.

Net income in the period jumped 4.1% to 3.68 billion yen compared to 3.54 billion yen and earnings per share increased to 7,984 yen from 7,672 yen in the same period a year ago.

The company forecasted net sales for the first-half ending in August to increase 2.4% to 10.37 billion yen and net income to drop 1.4% to 3.63 billion yen.

Recruit Holdings Co Ltd rose 0.3% to 4,075 yen after the recruiting services provider completed acquisition of Australia-based human resource services provider Chandler Macleod Group Limited for about 26.7 billion yen or A$290.4 million.

Sharp Corporation climbed 4.5% to 277 yen despite the Nikkei news reported electronic equipments maker may report a group net loss in the year ending in March of more than 200 billion yen, mainly on the impairment loss related to LCD panel production facilities.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc