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Market Update

Nikkei Jumps 2.5% in Tokyo, Olympus Drops 5% on $1.15 Billion Offering


Author: Hiruki Nakamura
ticker.com
Last Update: 9:10 AM ET July 09 2013

5:00 PM Tokyo Market indexes in Tokyo soared more than 2% following strong gains in international markets. Softbank is scheduled to complete its purchase of SprintNextel tomorrow. Beverage makers and convenience stores traded higher as summer heat lifts demand.

Stocks in Tokyo surged more than 2.5% following a surge in market indexes in Europe and in New York.

The Nikkei 225 Stock Average climbed 363.56 or 2.6% to 14,472.90 and the Topix increased 24.31 or 2.1% to 1,196.89.

The yen edged higher in Tokyo trading at 101.19 against one dollar.

Stocks in Review

Toyota Motor Corp jumped 160 yen to 6,410 yen after the automobile company plans to invest 790 billion yen for environmental technology research in the fiscal year ending March 2014.

Honda Motor Co. gained 85 yen to 3,845 yen. Nissan Motor Co Ltd soared 42 yen or 4% to 1,090 yen.

Sony climbed 51 yen to 2,203 yen. Canon Inc rose 50 yen to 3,380 yen and Nikon slid 9 yen to 2,325 yen.

Fanuc Corp gained 370 yen to 14,910 yen and Softbank Corp added 60 yen to 5,740 yen and the telecom operator is expected to complete the purchase of Sprint Nextel acquisition by tomorrow.

Seven & I Holdings Co soared 164 yen or 4.4% to 3,940 yen and Fast Retailing Co. surged 1,650 or 4.5% to 38,450 yen.

Mitsubishi UFJ Financial Group rose 16 yen to 654 yen and Sumitomo Mitsui Financial Group increased 105 yen to 4,775 yen.

Olympus Corporation plunged 5% to 2,928 yen after the medical equipment maker plan to sell as much as 118 billion yen new shares to overseas investors mainly in the U. S. and Europe to expand its medical equipment business.

The company plans to spend 54 billion yen on medical products research, 20 billion yen on increasing production capacity and 24 billion yen in marketing new medical products.

Olympus plans to expand its medical unit after thirteen year of fraudulent accounting disclosure removing $1.3 billion from its balance sheet.

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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