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Market Update

Nikkei Rebounds, Aeon Annual Income Falls 7.7%


Author: Hiruki Nakamura
ticker.com
Last Update: 2:23 PM ET April 21 2015

4:30 PM Tokyo Ė Tokyo market indexes closed higher following a rebound in New York and European markets. Daiichi Sankyo said it plans to exit from its investment in India-based generic pharmaceuticals maker Sun Pharma. Yamada Denki said latest fiscal year declined 1.7%.

Stocks rebounded in Tokyo following a surge in New York and European markets in overnight trading.

The Nikkei 225 Stock Average climbed 274.60 or 1.4% to 19,909.09 and the broader Topix index jumped 26.20 or 1.7% to 1,608.88.

The yen closed at 119.46 against a dollar.

Stocks in Review

Aeon Co Ltd gained 1.9% to 1,552 yen after the supermarkets and convenience stores operator reported net sales in the first-quarter ending in February soared 10.7% to 7.08 trillion yen from 6.40 trillion yen in a year ago period.

Net income in the period declined 7.7% to 42.07 billion yen compared to 45.60 billion yen and diluted earnings per share jumped to 49.56 yen from 50.13 yen in the same period a year ago.

The retailer forecasted net sales in the first-half ending in August to climb 13% to 8 trillion yen and net income to increase 1% to 42.50 billion yen.

The company forecasted net sales for the year to jump 5.4% to 45 billion yen and net income to climb 35.3% to 9.15 billion yen.

Canon Inc rose 0.7% to 4,524 yen after the Nikkei news reported digital camera and printer makerís sales in the first-quarter ending in March of about 868.3 billion yen and operating profit to decline 15% to 70 billion yen.

Daiichi Sankyo Company, Limited climbed 4.4% to 2,051 yen after the pharmaceutical products maker dissolved its existing business partnership with the India-based generic pharmaceuticals maker Sun Pharmaceutical Industries Ltd

Daiichi said it will sell its stake worth $3.6 billion in Sun Pharma.

In April 2014, Daiichi acquired 8.9% stake in Sun Pharma when it agreed to buy Ranbaxy Laboratories from Daiichi Sankyo.

In Mumbai stock market shares of Sun Pharmaceutical Industries Limited plunged 8.3% to ₹957.40.

NEC Corp gained 0.5% to 390 yen after the Nikkei news said electronic equipment and systems makerís sales for the year to jump 3% to 3.1 trillion yen and operating profit to climb 10% to 140 billion yen.

Yamada Denki Co Ltd declined 3.3% to 470 yen after the electrical home appliances maker said net sales for the year ending in February dropped 1.7% to 1.66 trillion yen from the earlier estimate of 1.69 trillion yen.

Net net income for the year to decline 49.2% to 8.70 billion yen compared to previous guidance of 9 billion yen in the same period a year ago.

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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