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Market Update

Nikkei Plunges 2.5%, Nomura Net Jumps 140%


Author: Hiruki Nakamura
ticker.com
Last Update: 10:33 AM ET January 30 2014

4:30 PM Tokyo Nikkei stock average in Tokyo dropped 2.5% and the yen strengthened as currencies in emerging markets declined. Nomura Holdings profit more than doubled. Central Japan Railway Company revenues rose 3.9%. Nippon Steel swung to profit.

Markets in Asia and in Japan closed lower and the yen gained as emerging markets declined deepened and central bankers worry about the lack of coordination among developing and developed nations.

Markets were on the edge in Asia after indexes in New York and Europe fell more than 1% and weakness in emerging market currencies persisted for the fourth day in a row.

Rupee in India declined 0.3% and currencies in Philippines, Thailand, Indonesia, Australia and South Korea fell.

The Nikkei 225 Stock Average declined 376.85 or 2.5% to 15,007.06 and the Topix index dropped 32.09 to 1,224.09.

The yen fell to close at 102.47 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp dropped 138 yen to 5,998 yen. Honda Motor Co declined 101 yen to 3,903 yen. Nissan Motor Co Ltd slumped 22 yen to 892 yen.

Sony decreased 39 yen to 1,651 yen.

Softbank Corp fell 144 yen to 7,675 yen. Fast Retailing Co slipped 595 yen to 38,765 yen.

Central Japan Railway Company jumped 2.2% to 11,520 yen after revenue in the third-quarter ending in December grew 3.9% to 1.25 trillion yen from 1.20 trillion yen a year earlier.

Net income in the quarter climbed 31.9% to 241 billion yen compared to 182.7 billion yen and basic earnings per share soared to 1,224.81 from 928.55 yen a year ago.

Nomura Holdings Inc declined 3.9% to 739 yen after the Japan-based investment and financial service provider reported revenue in the third-quarter ending in December dropped 2.5% to 447.4 billion yen from 459 billion yen a year earlier.

Net income in the quarter more than doubled to 48.3 billion yen compared to 20.1 billion yen and diluted earnings per share climbed to 12.65 yen from 5.33 yen a year ago.

Nomura said brokerage commissions soared 45% to 121.4 billion yen and asset management fees climbed 20% to 42.1 billion yen. Trading profit jumped 23% to 108.5 billion yen.

Nippon Steel & Sumitomo Metal Corp gained 0.9% to 315 yen after the steel producer said net sales in the third-quarter ending in December surged 31.4% to 4.04 trillion yen from 3.07 trillion yen a year ago period.

Net in the quarter swung to a profit 192.8 billion yen compared to a loss of 151.9 billion yen and earnings per share swung to a 21.20 from a loss of 21.05 yen.

The company forecasted net sales for the fiscal 2013 to increase to 5,450 billion yen and net income of 220 billion.

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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