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Market Update

Nikkei Extends Losses; Asahi Sales Rise 10%, Idemitsu Kosan Net Plunges

Author: Hiruki Nakamura
Last Update: 9:47 AM ET May 02 2014

4:30 PM Tokyo For the week, the Nikkei index slipped 0.4% and investors reacted to domestic earnings. Asahi fiscal year sales increased 10%. Axial Retailing annual net surged 39%. Idemitsu Kosan annual revenues rose 15% but net plunged 28%.

Stocks in Tokyo trading extended weekly losses and investors remained focused on yen-trading and domestic earnings.

The Nikkei 225 Stock Average fell 27.62 or 0.2% to 14,457.51 and the Topix index slid 15.40 to 1,134.290. For the week, Nikkei 225 slipped 0.4%.

The yen closed at 102.42 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp slipped 8 yen to 5,631 yen. Honda Motor Co rose 38 yen to 3,472 yen. Nissan Motor Co Ltd fell 0.8% to 884 yen.

Sony slipped 10 yen to 1,800 yen after the electronics products maker said it will write-down an additional 30 billion yen for its Vaio PC unit after sharp drop in sales. The company is looking to exit from the personal computer business.

The company booked impairment losses of about 25 billion yen from its disc production unit due to weak demand in Europe.

Softbank Corp gained 102 yen to 7,819 yen. Fast Retailing Co Ltd slid 60 yen to 32,040 yen.

Asahi Group Holdings Ltd slid 0.2% to 2,818 yen after the alcoholic beverage maker reported net sales in the year ending in March climbed 10% to 375 billion yen from 340.8 billion a year ago.

Net in the year swung to a profit 2.61 billion compared to a loss of 1.62 billion and diluted earnings per share swung to a 5.64 yen from a loss of 3.54 yen a year earlier.

Axial Retailing Inc rose 0.3% to 1,604 yen after the supermarket operator said net sales in the year ending in March soared 34.2% to 172.4 billion yen from 128.5 billion a year ago.

Net profit in the year surged 39% to profit 2.83 billion compared to 2.04 billion and diluted earnings per share jumped to 138.71 yen from 116.29 yen a year earlier.

Idemitsu Kosan Co., Ltd fell 0.6% to 2,238 yen after the petroleum and petrochemical products supplier reported net sales in the year ending in March climbed 15.1% to 5.03 trillion yen from 4.37 trillion yen a year ago period.

Net income in the year plunged 27.7% to 36.29 billion yen compared to 50.17 billion yen and diluted earnings per share dropped to 226.89 yen from 313.62 yen a year earlier.

United Arrows Ltd increased 1.1% to 4,010 yen after the Japan-based apparel retailer said sales in April increased 0.7% and same store sales of retail and online stores declined by 3.6% to a year earlier.

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