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Market Update

Nikkei Surges 1.5%, Seven & I Net Falls

Author: Hiruki Nakamura
Last Update: 9:07 AM ET April 02 2015

4:30 PM Tokyo Stocks in Japan rebounded and export sensitive sectors led the gainers. Seven & I Holdings said fiscal year revenues increased 7.9% but net income declined 1.5%. Sony cut in half its stake to 5% in Olympus Corp.

Market indexes in Tokyo rebounded and the yen gained against the dollar after the oil and base metals prices weakened.

Iron ore price declined for the sixth day in a row and fell below $50 a ton price for the first time in six years. The ore prices have plunged more than 60% in the last two years as China engineered a slowdown in construction sector.

The Nikkei 225 Stock Average climbed 277.95 or 1.5% to 19,312.79 and the broader Topix index jumped 25.18 to 1,554.17.

The yen eased to 119.54 against a dollar.

Stocks in Review

Japan Post Holdings Co, the postal services provider agreed to acquire additional stake in Australia-based Toll Holdings Ltd, the freight and logistic company for about $6.5 billion. The news was reported by Reuters news service.

Nagaileben Co., Ltd increased 0.9% to 2,205 yen after the medical-wear maker said net sales in the first-half ending in February rose 1% to 6.84 billion yen from 6.78 billion yen in a year ago period.

Net income in the year gained 3% to 1.30 billion yen compared to 1.26 billion yen and earnings per share jumped to 38.05 yen from 36.92 yen in the same period a year ago.

Olympus Corporation declined 4.1% to 4,240 yen after the medical equipment maker said its largest shareholder Sony Corporation reduced its stake to 5.04% from 10.09%, worth about 700.9 billion yen.

Shares of Sony Corporation climbed 3.1% to 3,336 yen.

Seven & I Holdings Co., Ltd jumped 2.4% to 5,113 yen after the supermarket and convenience stores operator reported revenues in the year ending in February climbed 7.2% to 6.04 trillion yen from 5.63 trillion yen in a year ago period.

Net income in the year slipped 1.5% to 172.98 billion yen compared to 175.69 billion yen and diluted earnings per share decreased to 195.48 yen from 198.69 yen in the same period a year ago.

For the first-half the company forecasted revenues to advance 5.2% to 3.16 trillion yen and net income to surged 10.8% to 93 billion yen.

The convenience stores operator forecasted revenues for the fiscal 2016 to jump 6% to 6.40 trillion yen and net income to soared 11.6% to 193 billion yen.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc