4:30 PM Tokyo – Nikkei average rebounded in Tokyo. Dentsu Inc and Marui Group joined other Japanese corporation in announcing share buyback plans and increasing dividend payout. Sharp Corp plunged after the company announced a restructuring plan that many felt did not go far enough.
Stocks in Tokyo gained following higher closing in New York after investors took a view rate hike not likely to happen in the near future.
Investors reacted to corporate earnings announcements and Sharp Corp plunged as much as 12%. The struggling electronics maker announced a plan to eliminate 5,000 or 10% of global workforce.
Dentsu, the largest advertising agency, said it will increase its dividend payout to 70 yen per share from 55 yen per share for the year and share buyback plan.
The Nikkei 225 Stock Average jumped 162.68 or 0.8% to 19,732.92 and the broader Topix index gained 15.62 to 1,607.11.
For the week, Nikkei 225 increased 1.8%.
The yen closed at 119.42 against a dollar.
Stocks in Review
surged 13.6% to 6,160 yen after the advertising and marketing services provider authorized a share repurchase for up to 20 billion yen and forecasted gross profit for fiscal 2015 to jump 8.6% to 735.1 billion yen and operating profit to soar 11.5% to 148.8 billion yen.
Mitsubishi UFJ Financial Group Inc
climbed 3.3% to 871.90 yen and the financial services provider plans to buy back about 100 billion yen.
Separately, the lender reported revenues in the year ending in March to soared 11.7% to 4.26 trillion yen from 3.81 trillion yen in a year ago period.
Net income in the year surged 18% to 926.97 billion yen compared to 785.42 billion yen and diluted earnings per share jumped to 65.20 yen from 54.66 yen in the same period a year ago.
Mizuho Financial Group, Inc
jumped 2.1% to 234.60 yen after the retail and corporate banking services provider reported revenues in the year ending in March climbed 8.6% to 3.18 trillion yen from 2.93 trillion yen in a year ago period.
Net income in the year declined 11.1% to 611.94 billion yen compared to 688.42 billion yen and diluted earnings per share slipped to 24.10 yen from 27.12 yen in the same period a year ago.
The bank forecasted net profit for the year ending in March 2016 to gain 2.9% to 630 billion yen.
Nippon Telegraph and Telephone Corp
soared 3.4% to 8,274 yen after the communications services provider said revenues in the year ending in March increased 1.6% to 11.10 trillion yen from 10.93 trillion yen in a year ago period.
Net income in the year plunged 11.5% to 518.07 billion yen compared to 585.47 billion yen and diluted earnings per share dropped to 473.69 yen from 509.21 yen in the same period a year ago.
The mobile telecom services provider forecasted net revenues for the year ending in March 2016 to jump 2.3% to 11.35 trillion yen and net income to soar 21.6% to 630 billion yen.
Takashimaya Company, Limited
gained 169% to 1,156 yen after the department store operator reported sales in April soared 18.1% and sales at four regional stores in Okayama, Gifu, Yonago and Takasaki surged 17.6%.
Sales from the Western region advanced 9.1% while sales from Eastern region fell 0.5% and total sales in the month jumped 3.1%.
Corporate segment sales climbed 34.2% while sales from the cross-media business segment surged 57.5%.