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Market Update

Five-Week Low Yen Lifts Nikkei, NTT DoCoMo Gains 2.6 Million Subscribers

Author: Hiruki Nakamura
Last Update: 9:18 AM ET March 07 2014

4:30 PM Tokyo – Stocks in Tokyo extended weekly gains to the best in the current year and the yen dropped to the lowest in five weeks. NTT DoCoMo added net new 2.7 million wireless subscribers in February.

Stocks in Tokyo extended gains and the yen weakened 0.8% after investors surmised easing of tensions between Ukraine and Russia.

Investors bid up stocks and Nikkei index registered the best weekly gain in the current year as the yen held near the lowest mark in five weeks.

The Nikkei 225 Stock Average increased 139.32 or 0.9% to 15,274.07 and the Topix index rose 8.61 to 1,236.97. For the week, Nikkei 225 climbed 2.9%.

The yen rose to 102.88 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp added 20 yen to 5,889 yen. Honda Motor Co rose 14 yen to 3,810 yen. Nissan Motor Co Ltd fell 0.8% to 899 yen.

Sony increased 19 yen to 1,844 yen.

Softbank Corp gained 75 yen to 8,034 yen after its clean energy unit received loan approval from Mizuho Bank Limited for 111 mega watt solar power station to build in northern Japan.

Fast Retailing Co jumped 750 yen to 38,400 yen.

NTT DoCoMo Inc rose 0.1% to 1,691 yen after the wireless communication company forecasted operating profit in the fiscal year ending in March of 840 billion yen.

As of as of February 28, the company had total 62.58 million subscribers, a net increase of 2,679,000 wireless subscribers.

Of the total increase, 2.36 million net new subscribers were added in Kanto-Koshinetsu region and 0.11 in Kansai region.

Sekisui House, Ltd gained 0.1% to 1,336 yen after the prefabricated home maker reported net sales in the year ending in January climbed 11.9% to 1.80 trillion yen from 1.61 trillion yen a year ago.

Net income in the year surged 71.8% to 79.80 billion yen compared to 46.46 billion yen and diluted earnings per share jumped to 110.50 yen from 64.32 yen a year earlier.

Separately, the company said monthly order for total homes soared 85% in the month of February while custom detached home order climbed 68%. Orders for remodeling jumped 94%.

TDK Corporation increased 2.2% to 4,565 yen after the Mizuho Securities lifted its opinion on the magnetic application products maker to “buy” from “natural.”

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