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Market Update

Nikkei Surges 2.7%, Canon Offes Positive Outlook


Author: Hiruki Nakamura
ticker.com
Last Update: 11:23 AM ET January 29 2014

4:30 PM Tokyo Nikkei in Tokyo surged 2.7% after emerging markets stabilized. The yen strengthened and investors shifted focus to corporate earnings. Canon gained after estimating higher earnings and sales. Sumitomo Mitsui third quarter net fell 9.3%.

Stocks in Japan and in Asia rebounded after emerging markets stabilized and investors shifted focus to earnings.

The Nikkei 225 Stock Average climbed 403.75 or 2.7% to 15,383.91 and the Topix index jumped 31.87 or 2.6% to 1,256.18.

The yen gained to close at 102.63 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp jumped 118 yen to 6,136 yen. Honda Motor Co soared 118 yen to 4,004 yen. Nissan Motor Co Ltd rose 12 yen to 914 yen.

Sony gained 25 yen to 1,690 yen after Renesas Electronics Corporation agreed to sell its Yamagata semiconductor manufacturing unit to Sony Semiconductor Corp for 7.51 billion yen.

Shares of Renesas Electronics Corp soared 10% to 589 yen.

Softbank Corp slipped 103 yen to 7,819 yen. Fast Retailing Co soared 1,230 yen to 39,360 yen.

Advantest Corporation declined 4.4% to 1,153 yen after the Japan-based testing products maker expects net loss for the year widened to 35.9 billion yen or $347.19 million from earlier estimate of 2.5 billion yen.

Canon Inc rose 0.7% to 3,070 yen after the camera maker reported net sales for the year ending in December jumped 7.2% to 3.73 trillion yen from 3.48 trillion yen a year ago.

Net income in the year rose 2.6% to 230.5 billion yen compared to 224.6 billion yen and diluted earnings per share grew 4.9% to 200.78 yen from 191.34 yen a year earlier.

Canon expects consolidated net sales in 2014 of 3.85 trillion yen or $36.7 billion and net income to increase 4.1% to 240 billion yen or $2.29 billion.

Shizuki Electric Co jumped 2.6% to 466 yen after the film capacitor maker reported lifted its estimated net income for the year to 1.37 billion yen, an increase of 31%.

Sumitomo Mitsui Financial Group Inc climbed 2.7% to 5,095 yen after the Japan-based bank reported net income in the third-quarter ending in December dropped 9.3% to 199 billion yen compared to 219.4 billion yen a year earlier.

The lender said income from trading of government bonds and securities declined 26% to 79.2 billion yen from 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