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Market Update

Nikkei Surges 1.7%, Asian Markets Advance

Author: Hiruki Nakamura
Last Update: 10:59 AM ET June 11 2015

4:30 PM Tokyo – Nikkei average in Tokyo jumped following the gains in New York and Europe. Daiwa House set up a joint venture to build residential units in Malaysia. Supermarket retailer, Kobe Bussan Co Ltd reported better-than-expected earnings and sales.

Stocks in Tokyo traded higher and the yen held firm after the international markets jumped on the prospect of an accord between Greece and international lenders.

The Nikkei 225 Stock Average climbed 336.61 or 1.7% to 20,382.97 and the broader Topix index jumped 20.65 to 1,648.88.

The yen closed at 123.40 against a dollar.

Stocks in Review

Dai-ichi Life Insurance Co Ltd rose 0.4% to 2,293.50 yen after the Nikkei news said insurance company forecasted consolidated net profit to exceed more than 300 billion yen in 2020 and plans to introduce new medical insurance products from this fall.

Daiwa House Industry Co Ltd gained 1.9% to 2,929 yen after the construction company set up a joint venture with Malaysia-based property developer Sunway to build luxury homes with an initial capital of about 1.4 billion yen.

The company set a price in the range of 70 million yen to 90 million yen per unit.

Kobe Bussan Co Ltd soared 7.1% to 6,070 yen after the supermarket retailer reported net sales in the second-half ending in April climbed 6% to 111.46 billion yen from 105.15 billion yen in a year ago period.

Net income in the period surged nearly four-fold to 2.37 billion yen compared to 652 million yen and diluted earnings per share increased to 171.83 yen from 46.36 yen in the same period a year ago.

The retailer forecasted net sales for the fiscal first-half ending in October to jump 5.1% to 225 billion yen and net income to soar 53.8% to 4 billion yen.

ORIX JREIT Inc fell 0.7% to 175,100 yen after the property developer’s management agreed on new debt financing for about 29 billion yen on the term loan agreement with Sumitomo Mitsui Trust Bank and Sumitomo Mitsui Banking Corporation.

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