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Market Update

Nikkei and Asian Markets Drop Again on China Worries


Author: Hiruki Nakamura
ticker.com
Last Update: 9:20 AM ET August 12 2015

4:30 PM Tokyo Nikkei average dropped for the second day in Asia-wide correction following the 2% yuan devaluation. Industrial production in Japan rose 1.1% in June and shipment increased 0.6% form the last month. Online real estate information provider Next Co. said quarterly revenues soared 42%.

Nikkei average in Tokyo closed fell for the second day after the yuan devaluation dragged Asian markets.

The seasonally adjusted industrial production in June jumped 1.1% compared to 2.1% decrease in May, the Ministry of Economy, Trade and Industry said.

Shipments in June increased 0.6% from the last month.

For the year, industrial production in June climbed 2.3% followed by 3.9% decline in the previous month.

The seasonally adjusted capacity utilization in the month rose 0.7% following 3% drop in the previous month.

The Nikkei 225 Stock Average dropped 327.98 or 1.6% to 20,392.77 and the broader Topix index slumped 21.85 or 1.3% to 1,665.75.

The yen eased to 124.93 against a dollar.

Stocks in Review

Accordia Golf Co Ltd slid 0.08% to 1,308 yen after the golf course operator reported revenues in the first-quarter ending in June tumbled 48.5% to 13.32 billion yen from 25.86 billion yen in a year ago period.

Net income in the quarter plunged 42.4% to 1.64 billion yen compared to 2.85 billion yen and earnings per share slumped to 23.28 yen from 27.74 yen in the same period a year ago.

Accordia estimated revenues for the first-half to decline 40% to 24.80 billion yen and net income to drop 31.7% to 2.50 billion yen.

For the year, the golf courses operator forecasted revenues to tumble 25.2% to 47.80 billion yen and net income to plunge 31.8% to 4.10 billion yen.

Dai-ichi Life Insurance Co Ltd slumped 2.6% to 2,488.50 yen after the life insurance company agreed to acquire the U.S.-based Symetra Financial Corporation for about $32 a share in cash plus a special dividend of 50 cents per share or $3.8 billion.

Kito Corporation dropped 2.6% to 1,191 yen after the trolleys and cranes maker said net sales in the first-quarter ending in June soared 43.8% to 12.12 billion yen from 8.43 billion yen in a year ago period.

Net income in the quarter surged 150% to 172 million yen compared to 69 million yen and diluted earnings per share jumped to 6.55 yen from 2.63 yen in the same period a year ago.

For the first-half, the company forecasted revenues to jump 46.7% to 27 billion yen and net income to decrease 0.9% to 500 million yen.

The company estimated revenues for the year to climb 20.1% to 60 billion yen and net income to surge 48% to 3 billion yen.

Next Co., Ltd jumped 2.8% to 1,026 yen after the online real estate information provider said revenues in the first-quarter ending in June climbed 41.7% to 5.46 billion yen from 3.85 billion yen in a year ago period.

Net income in the quarter soared 58.3% to 682 million yen compared to 430 million yen and diluted earnings per share jumped to 6.04 yen from 3.82 yen in the same period a year ago.

Nippon Koei Co., Ltd fell 0.6% to 482 yen after the engineering construction company stated revenues in the year ending in June jumped 3.3% to 81.84 billion yen from 79.19 billion yen in a year ago period.

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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