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Market Update

Nikkei Extends Gains, Suzuki to Acquire Stake from Volkswagen

Author: Hiruki Nakamura
Last Update: 3:27 PM ET September 16 2015

4:30 PM Tokyo Ė Nikkei average in Tokyo closed higher following the market advance in New York. Investors added exposure ahead of the U.S. Fed rate decision following the Bank of Japanís action to retain the current stimulus plans.

Stocks in Tokyo closed higher following the market advance in New York and Europe.

The Nikkei 225 Stock Average jumped 145.12 or 0.8% to 18,026.48 and the broader Topix index gained 10.36 to 1,472.60.

The yen strengthened to 120.33 against a dollar.

Stocks in Review

Itoham Foods Inc declined 4.8% to 656 yen after the Nikkei reported the second-largest food processor is looking to acquire the seventh-largest Yonekyu Corporation and merge operations by April 2016.

Orix Corporation jumped 2.5% to 1,594 yen after the financial services provider agreed to acquire 85% stake in the Indonesia-based privately held auto loan company, PT. Sinar Mitra Sepadan Finance.

Suzuki Motor Corporation gained 1.6% to 3,842.50 yen after the auto maker will buy back 19.9% stake or up to 122.77 million shares worth about 471.74 billion yen from the Germany-based Volkswagen AG after the international arbitration court ordered to divest its holding in the Japanese automaker.

Before the market open tomorrow, Suzuki said it plans to buy back shares worth about $3.9 billion at today''s closing price of 3,842.50 yen per share.

Sony Corporation increased 1.2% to 3,096 yen after the electronics and entertainment conglomerate said it will reduced the price for PlayStation 4 by 13% in the domestic market to 34,980 yen before tax from October 1.

Separately, today Sony Olympus Medical Solutions Inc said their jointly developed 4K surgical endoscopy system will be made available for purchase in early October.

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