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Market Update

Nikkei Surges 1.9%, Largest Bank Mitsubishi UFJ Profit Rises 18%


Author: Hiruki Nakamura
ticker.com
Last Update: 11:45 AM ET February 04 2015

4:30 PM Tokyo Stocks in Tokyo gained following better than expected profits from the largest bank Mitsubishi UFJ, Toyota Motor and Yamaha Corp. Astella Pharma said net income increased 38% in the nine-month period.

Japanese stocks soared after Mitsubishi UFJ surprised investors with an increase in profit and resource stocks advanced after oil extended its rebound for the fourth day in a row from the 2009 low.

The Nikkei 225 Stock Average climbed 342.89 or 1.9% to 17,678.74 and the broader Topix index jumped 24.61 to 1,417.

The yen closed at 117.18 against one dollar.

Stocks in Review

Astellas Pharma Inc fell 0.9% to 1,828 yen after the pharmaceutical company reported net sales in the nine-month period ending in December surged 9.7% to 952.77 billion yen from 868.26 billion yen a year ago period.

Net income in the period soared 37.5% to 114.74 billion yen compared to 83.46 billion yen and diluted earnings per share jumped to 51.79 yen from 37.01 yen per share in the same period a year ago.

The company forecasted net sales for the year to jump 6.1% to 1.21 trillion yen.

Separately, the company plans to buy-back share of about 15 million valued up to 30 billion yen from today.

Dentsu Inc climbed 3.2% to 4,815 yen after the advertising and marketing service provider agreed to acquire 51% stake in Australia-based rival BWM Group for undisclosed amount.

Sharp Corporation declined 4.5% to 234 yen after the electronic product maker stated net sales in the nine-month period ending in December dropped 3.1% to 2.09 trillion yen from 2.16 trillion yen a year ago period.

Net in the period swung to a loss of 7.16 billion yen compared to profit of 17.72 billion yen and diluted loss per share swung to 4.23 yen from earnings per share of 12.71 yen in the same period a year ago.

The company forecasted net loss for the year of about 30 billion yen from earlier estimated profit of 30 billion and net sales of about 2.90 trillion yen unchanged from previous guidance.

Mitsubishi UFJ Financial Group Inc soared 5.2% to 654.10 yen after the financial service provider said net sales in the nine-month period ending in December soared 11.7% to 4.26 trillion yen from 3.81 trillion yen a year ago period.

Net income in the period climbed 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.

Toyota Motor Corp jumped 2.4% to 7,728 yen after the automobile company reported net sales in the nine-month period ending in December climbed 5.2% to 20.12 trillion yen from 19.12 trillion yen a year ago period.

Net income in the period surged 13.2% to 1.73 trillion yen compared to 1.53 trillion yen and diluted earnings per share increased to 545.68 yen from 481.27 yen in the same period a year ago.

For the third-quarter, Toyota reported better-than-expected sales jumped 9% to 7.17 trillion yen and net profit soared 14% to 600 billion yen.

The company forecasted sales for the year to advance 5.1% to 27 trillion yen and net income to soar 16.8% to 2.13 trillion yen.

Yamaha Corporation climbed 4.4% to 1,758 yen after the musical instruments maker reported net sales in the nine-month period ending in December jumped 4.7% to 323.25 billion yen from 308.67 billion yen a year ago period.

Net income in the period soared 8.7% to 20.70 billion yen compared to 19.04 billion yen and earnings per share gained to 106.92 yen from 98.34 yen in the same period a year ago.

For the year, the musical instruments maker forecasted net sales for the year to climb 4.8% to 430 billion yen and net income to decline 8.3% to 21 billion yen.

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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