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Market Update

Nikkei Extends Weekly Rise, Eisai Transfers North Carolina Plant to Biogen


Author: Hiruki Nakamura
ticker.com
Last Update: 1:37 PM ET July 17 2015

4:30 PM Tokyo – Nikkei average in Tokyo gained and extended weekly surge to 4.4% as world markets advanced on the hopes that the third bailout for Greece will be approved. Sharp Corp reported quarterly loss as management struggles with liquid crystal display business. Eisai Co agreed to transfer its facility in North Carolina to Biogen Inc.

Stocks in Tokyo extended weekly gains after euro zone markets stabilized and China reported better than expected second quarter economic growth and commodities prices remained under pressure.

The Nikkei 225 Stock Average rose 50.80 or 0.3% to 20,650.92 and the broader Topix index gained 2.11 to 1,662.94.

For the week, Nikkei 225 jumped 4.4%.

The yen closed at 123.97 against a dollar.

Stocks in Review

Eisai Co., Ltd fell 0.4% to 8,720 yen after the pharmaceutical products maker said its U.S.-based subsidiary agreed to transfer ownership of its entire North Carolina plant site in Research Triangle Park to Biogen Inc.

However, financial terms not disclosed but agreement is expected to close in the second-quarter.

Sharp Corporation declined 3.5% to 166 yen after the Nikkei news said diversified company’s sales in the first-quarter ending in June are estimated at 600 billion yen on weak business conditions in the liquid crystal displays for televisions market.

Sharp estimated operating loss of about 35 billion yen compared to a 4.6 billion yen operating profit for the same period a year earlier.

The company said operating profit for the first-half period ending in September of about 10 billion yen, a 66% plunge on the year.

Unicharm Corp gained 1.7% to 3,000 yen after the Nikkei daily reported sanitary goods maker’s group sales in the first-half ending in June to soar 17% to 360 billion yen and operating profit to increase 3% to 34 billion yen.

The diapers maker forecasted group sales for the year ending in December to jump 14% to 760 billion yen and operating profit to climb 13% to 86 billion yen.

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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