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Market Update

Nikkei Extends Weekly Gains after ECB Annoucement

Author: Hiruki Nakamura
Last Update: 9:03 AM ET March 06 2015

4:30 PM Tokyo Market indexes in Japan extended gains for the second day and the yen eased after the ECB lifted inflation and growth estimates. For the week, the Nikkei index gained 0.9% and the yen traded above 120 mark.

Stocks in Tokyo closed higher for the second day in a row and the yen drifted lower near the low of the year.

Stocks extended gains after the European Central Bank President Mario Draghi laid announced monthly bond purchase plan.

Draghi also reaffirmed that the inflation target is within reach and lifted inflation and annual growth outlook till 2017.

The Nikkei 225 Stock Average climbed 219.16 or 1.2% to 18,971 and the broader Topix index jumped 17.12 or 1.1% to 1,540.84.

For the week, the Nikkei 225 index gained 0.9%. The yen eased and closed at 120.11 against one dollar.

Stocks in Review

Daihatsu Motor Co., Ltd gained 0.6% to 1,785 yen after the vehicle maker plans to shift its minicar production technology and know-how to its Malaysian factory to improve the productivity of new fuel-efficient models.

Dentsu Inc fell 0.6% to 5,160 yen after the advertising and marketing company said net sales in February soared 95% to 112.12 billion yen from a year ago month.

The company added revenues from television segment climbed 83.4% to 47.95 billion yen and marketing and promotion revenues in the month jumped 11% to 12.67 billion yen from a year ago period.

FamilyMart Co Ltd dropped 2.2% to 5,370 yen after the convenience store operator and Circle-K supermarket chain owner UNY Group Holdings Co confirmed merge talks. The companies are expected to announce business integration later in the month.

Shares of UNY Group Holdings Co Ltd surged 10.7% to 737 yen.

Sompo Japan Nipponkoa Holdings Inc increased 1.9% to 3,771 yen after the Nikkei news reported non-life insurance company plans to acquire 15% stake in France-based reinsurance company Scor SE for more than 110 billion yen or $910 million.

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