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Market Update

Nikkei Extends Weekly Gain to 1.5% on U.S. Employment Report


Author: Hiruki Nakamura
ticker.com
Last Update: 9:36 AM ET July 04 2014

4:30 PM Tokyo – Nikkei 225 Stock Average extended weekly gain to 2.3% following better than expected jobs data in the U.S. and additional stimulus measures in the euro zone. Izumi Co., the food retailer said first quarter revenues increased 4.4%. Tosei Corp first-half sales declined 11%.

Stocks in Tokyo advanced following better than expected monthly jobs data in the U.S. and the European Central Bank offered additional liquidity to banking system to support economic growth.

Market sentiment was positive in Friday’s trading and investors reacted to international developments ahead of earnings season next week.

The Nikkei 225 Stock Average increased 88.84 or 0.6% to 15,437.13 and the broader Topix index rose 6.65 to 1,285.24. For the week, Nikkei 225 jumped 2.3%.

The yen weakened to close at 102.07 against one U.S. dollar.

Stocks in Review

Ait Corporation slipped 1.3% to 806 yen after the cargo delivery service provider said net sales in the first-quarter ending in May climbed 13.8% to 5.16 billion yen from 4.53 billion yen a year ago period.

Net income in the quarter tumbled 41.6% to 141 million yen compared to 242 million yen and earnings per share dropped to 7.41 yen from 12.68 yen a year earlier.

Daiken Co., Ltd fell 0.3% to 290 yen after the wooden interior building materials maker stated net sales in the first-quarter ending in May increased 3.8% to 2.44 billion yen from 2.35 billion yen a year ago.

Net income in the quarter rose 2.3% to 68 million yen compared to 66 million yen and earnings per share grew to 11.59 yen from 11.33 yen a year earlier.

Izumi Co., Ltd dropped 1.2% to 3,195 yen after the food retailer said revenues in the first-quarter ending in May jumped 4.4% to 140.48 billion yen from 134.51 billion yen a year earlier.

Net income in the quarter slid 1.4% to 4.10 billion yen compared to 4.16 billion yen and earnings per share gained to 57.03 yen from 55.71 yen a year ago.

Tosei Corporation climbed 2.9% to 781 yen after the real estate developer reported revenue in the first-half ending in May declined 11.4% to 20.46 billion yen from 23.09 billion yen a year ago period.

Profit in the period plunged 11.9% to 1.29 billion yen compared to 1.46 billion yen and earnings per share slumped to 26.68 yen from 32.02 yen a year earlier.

Union Tool Co jumped 1.6% to 2,735 yen after the machine parts maker net sales in the second-quarter ending in May soared 10.9% to 9.43 billion yen from 8.50 billion yen a year ago.

Net income in the quarter surged 34.4% to 1.18 billion yen compared to 879 million yen and earnings per share climbed to 59.57 yen from 42.57 yen a year ago period.

Wakita & Co., LTD increased 0.9% to 1,350 yen after the engineering and construction company net sales in the first-quarter ending in May surged 11.6% to 14.97 billion yen from 13.42 billion yen a year earlier.

Net income in the quarter increased 2.6% to 1.52 billion yen compared to 1.48 billion yen and earnings per share slipped to 29.29 yen from 32.08 yen a year ago.

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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