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Market Update

Japan Stocks Rise on Weaker Yen and China Rate Cut


Author: Hiruki Nakamura
ticker.com
Last Update: 9:30 AM ET March 02 2015

4:30 PM Tokyo – Stocks in Tokyo largely reacted to domestic corporate and earnings news. Mitsui OSK signed an agreement with South Korea based Samsung Heavy Industries to build four world’s largest container ships with scheduled delivery in 2017.

Market indexes in Japan closed higher and over the weekend China lowered its reference rate and India proposed to accelerate infrastructure spending in the next fiscal year.

The Nikkei 225 Stock Average gained 28.94 to 18,826.88 and the broader Topix index rose 1.12 to 1,524.97.

The yen traded closed at 119.87 against one dollar.

Stocks in Review

ASKUL Corporation climbed 2.8% to 2,402 yen after the office product retailer said total sales in February soared 7.5% to 22.85 billion yen from 21.26 billion yen and sales from Lohaco business surged 36.5% to 1.74 billion yen compared to 1.27 billion yen a year ago month.

ITO EN, LTD fell 1% to 2,461 yen after the tea and drink maker reported net sales in the nine-month period ending in January dropped 1.7% to 328.30 billion yen from 333.91 billion yen a year ago period.

Net income in the period tumbled 54.3% to 3.98 billion yen compared to 8.70 billion yen and diluted earnings per share slumped to 30.94 yen from 69.32 yen in the same period a year ago.

The company forecasted net sales for the year to fall to 0.2% to 437 billion yen and net income to plunge 48.7% to 6.20 billion yen.

Mitsui OSK Lines Ltd gained 1.4% to 433 yen after the ocean freight company signed an agreement to construct four 20,000 TEU containerships with South Korea-based Samsung Heavy Industries to deliver in 2017. The container ships will be the largest in the world.

Nippon Telegraph and Telephone Corp jumped 2.6% to 7,614 yen after the Nikkei news report communication service provider’s units is in final-stage talk to acquire Germany-based data-center operator E-Shelter GmbH & Co. for about 100 billion yen or $830 million.

Nippon Koei Co., Ltd slipped 1% to 495 yen after the business and power construction consultant reported net sales in the first-half ending in December jumped 2.2% to 16.85 billion yen from 16.48 billion yen a year ago period.

Net loss in the period narrowed to 1.04 billion yen compared to 2.66 billion yen and diluted loss per share decreased to 13.70 yen from 35.13 yen in the same period a year ago.

ORIX JREIT Inc rose 0.9% to 172,700 yen after the real estate developer agreed to acquire Sendai and Toyko based two assets for about 7.28 billion yen and 7.49 billion yen on April 1 from Godo Kaisha Hirose-dori Jigyokaihatsu and DSMI Juno Co. Ltd respectively.

Taisei Corp declined 3.3% to 698 and the civil engineering and construction group plans to raise 20 billion yen through an offering of 31 million shares in the overseas markets for 693 yen per share.

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