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Market Update

Nikkei Extends Gains, ABC-Mart Quarterly Sales Estimated to Rise

Author: Hiruki Nakamura
Last Update: 8:39 AM ET July 02 2015

4:30 PM Tokyo Ė Stocks in Tokyo traded higher after banks and financial services led the gainers. Monetary base in Japan continued to soar from a year ago according to Bank of Japan. ABC-Mart first-quarter sales are expected to rise 11% with same=store sales growth of 4%.

Nikkei average in Tokyo closed higher and extended gains as investors stayed calm to the deepening crisis in the euro zone and growing uncertainty in the currency union.

Greek voters are set to vote in a referendum on July 5th as the nation decides its fate in the euro zone and votes on the conditions for the next tranche of international bailout.

The monetary base in June surged 34.2% to 325.05 trillion yen compared to 35.6% increase in May, the Bank of Japan said today.

The Nikkei 225 Stock Average gained 193.18 or 0.9% to 20,522.50 and the broader Topix index rose 11.83 to 1,648.24.

The yen closed at 123.41 against a dollar.

Stocks in Review

ABC-Mart Inc slumped 2.2% to 7,410 yen after the Nikkei daily reported branded shoes retailerís sales for the first-quarter ending in May soared 11% to 63 billion yen and same-store sales were jump above 4% and operating profit increased about 13.5 billion yen.

Dowa Holdings Co., Ltd gained 1.7% to 1,187 yen after the Nikkei news said diversified services providerís revenues in the first-quarter ending in June declined 4% to 105 billion yen but operating profit climbed 12% to 10.5 billion yen.

The Kansai Electric Power Company, Inc fell 0.7% to 1,334.50 yen and the electric power supplier and retailer Aeon Co. struck a strategic deal to widen retail customer base.

S-Pool, Inc increased 2.2% to 1,099 yen after the outsourcing services provider said net sales in the second-quarter ending in May jumped 6.2% to 3.44 billion yen from 3.24 billion yen in a year ago period.

Net in the quarter swung to a loss of 14 million yen compared to profit of 99 million yen and diluted loss per share swung to a 4.97 yen from diluted earnings per share of 36.75 yen in the same period a year ago.

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