4:30 PM Tokyo – In Tokyo, stocks lacked direction and investors awaited fiscal year outlook and latest year earnings from corporate Japan. Aderans Co Ltd said fiscal year revenues rose 13%. Kohnan Shoji, home improvement retailer reported flat sales.
In listless trading in Tokyo, stock market indexes bounced around and lacked energy and conviction.
Investors generally stayed on the side-line ahead of corporate earnings and outlook for the current fiscal year.
Broader market indexes have jumped in the year on the expectations of higher earnings as weaker yen lift net incomes at Japanese exporters. In addition, Japanese government and Bank of Japan have been working together to revive inflation across all asset classes and support higher wages.
The Nikkei 225 Stock Average edged up 3.22 to 19,908.68 and the broader Topix index rose 4.56 to 1,590.82.
The yen closed at 119.91 against a dollar.
Stocks in Review
Aderans Co Ltd
closed unchanged at 1,363 yen after the ready-made wigs maker said net sales in the year ending in February soared 13.2% to 76.72 billion yen from 67.76 billion yen in a year ago period.
Net income in the period climbed 18.5% to 5.07 billion yen compared to 4.28 billion yen and diluted earnings per share jumped to 135.11 yen from 116.15 yen in the same period a year ago.
The retailer forecasted net sales in the first-half to increase 2% to 38 billion yen and net income to decline 42.6% to 800 million yen.
For the year, the company forecasted revenues to jump 5.6% to 81 billion yen and net income to tumble 44.8% to 2.80 billion yen.
gained 1.7% to 1,365 yen after the Nikkei news reported trading company’s net profit for the year to climb 22% to 300 billion yen and for the fiscal year 2016 to increase to 330 billion yen.
Kohnan Shoji Co., Ltd
slipped 1.7% to 1,355 yen after the home improvement retailer reported net sales in the year ending in February rose 2.4% to 280.3 billion yen from 273.80 billion yen in a year ago period.
Net income in the period surged 365.7% to 5.54 billion yen compared to 1.19 billion yen and diluted earnings per share soared to 159.81 yen from 34.31 yen in the same period a year ago.
climbed 4.6% to 387 yen after the Nikkei news said architectural products maker’s sales for the fiscal year ending in March 2016 to soar 11% to 250 billion yen and net income to surge 21% to 10.5 billion yen.