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Market Update

Nikkei Leads Asia-wide Rally; Ichigo, Meiko Netowrk and Usen in Focus


Author: Hiruki Nakamura
ticker.com
Last Update: 12:55 PM ET October 09 2015

4:30 PM Tokyo – Nikkei average in Tokyo closed higher following the market advance in New York. For the week, the Nikkei increased 3.9%. Ichigo, the real estate developer lifted annual revenues outlook. Meiko Network, the college preparatory services provider said annual revenues soared 21%.

Stocks in Tokyo extended gains following the market surge in New York in overnight trading.

Market sentiment was positive after the indexes on Wall Street closed higher despite the latest Fed policy maker’s meeting suggested most members held out for a rate hike later in the year.

The Nikkei 225 Stock Average jumped 297.50 or 1.6% to 18,141.17 and the broader Topix index increased 33.73 or 2.3% to 1,515.13.

For the week, Nikkei 225 soared 3.9%.

The yen strengthened to 120.12 against a dollar.

Stocks in Review

Ichigo Inc rose 0.3% to 298 yen after the real estate developer lifted revenues forecast for the year to jump 4.4% to 47 billion yen from the earlier estimate of 45 billion yen and net income to soar 20.2% to 11 billion yen from the previous guidance of 9.15 billion yen.

Meiko Network Japan Co Ltd rose 1.7% to 1,290 yen after the college preparatory services provider said net sales in the in the year ending in August soared 20.6% from a year ago to 18.77 billion yen.

Net income in the year jumped 7.7% to 2.37 billion yen compared to 2.20 billion yen and earnings per share increased to 85.84 yen from 79.69 yen.

The retailer estimated net sales for the year to advance 5.6% to 19.82 billion yen and net income to increase 1.3% to 2.40 billion yen.

Round One Corporation increased 1.5% to 532 yen after the amusement and leisure facilities provider said total sales in September rose 1.2% to 6.40 billion yen from a year ago.

The company said revenues in amusement business declined 5.3% to 2.75 billion yen and revenues in Karaoke segment slumped 5.8% to 608 million yen but revenues in Spo-cha business surged 28.6% to 1.04 billion yen.

Usen Corporation jumped 2.5% to 328 yen after the information and communication services provider stated net sales in the in the year ending in August rose 1.3% from a year ago to 70.18 billion yen.

Net income in the year fell 2.3% to 6.56 billion yen compared to 6.72 billion yen and diluted earnings per share decreased to 29.89 yen from 31.78 yen.

For the year, the company forecasted net sales to increase 2.6% to 72 billion yen and net income to edge up 0.5% to 6.60 billion yen.

Wakita & Co., Ltd slid 0.09% to 1,100 yen after the civil engineering and construction machinery provider reported said net sales in the in the first-half ending in August gained 1.1% from a year ago to 29.21 billion yen.

Net income in the year plunged 10.2% to 2.53 billion yen compared to 2.82 billion yen and earnings per share slipped to 48.69 yen from 54.23 yen.

Wakita estimated net sales for the year to jump 4.1% to 60 billion yen and net income to increase 2% to 5.50 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