4:30 PM Tokyo – Nikkei average rose for the second day in a row and the index traded above 20,000 mark and yen held firm near its recent lows. Real estate developer, Ichigo Group reported quarterly revenues to 36% and earnings gained 27%. J. Front retailing said total June sales increased 2.4%.
Market indexes in Tokyo traded higher for the second day in a row and investors shifted focus to regional development and earnings announcements next week.
The Nikkei 225 Stock Average jumped 295.56 or 1.5% to 20,385.33 and the broader Topix index increased 25.20 to 1,638.71.
The yen closed at 123.25 against a dollar.
Stocks in Review
Hub Co., Ltd
increased 3.2% to 1,999 yen after the pub operator said net sales revenues in the first-quarter ending in May rose 2.4% to 2.34 billion yen from 2.29 billion yen in a year ago period.
Net income in the quarter was flat at 116 million yen and earnings per share edged up to 31.15 yen from 31.13 yen in the same period a year ago.
Ichigo Group Holdings Co Ltd
jumped 5.4% to 311 yen after the real estate developer reported revenues in the first-quarter ending in May surged 36.4% to 8.90 billion yen from 6.53 billion yen in a year ago period.
Net income in the quarter soared 27.4% to 2.38 billion yen compared to 1.86 billion yen and diluted earnings per share increased to 4.72 yen from 3.71 yen in the same period a year ago.
The real estate developer forecasted net revenues for the year ending in February to jump 5.4% to 45 billion yen and net income to climb 35.3% to 9.15 billion yen.
J.Front Retailing Co Ltd
gained 2.5% to 2,374 yen after the department stores operator said total sales in June increased 2.4% and sales in department store business rose 1.8%.
The company added sales in wholesale business soared 26.8% while revenues in credit segment declined 4% and sales in other business dropped 3.3%.
slipped 1.2% to 3,485 yen after the diversified conglomerate plans to offer 87.20 million new shares of common stock with an issue price of 3,420.50 yen and also plans to sell 120 billion yen in convertible bonds.
The company intends to use net proceeds of about 188 billion yen to fund the devices segment and the rest for research and development.