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Market Update

Nikkei and Topix at New 5-Year Highs; Toyota Operating Net Jumps 4-fold

Author: Hiruki Nakamura
Last Update: 11:29 AM ET May 08 2013

5:30 PM Tokyo – Stocks extended gains for the second day as earnings season reaches peak. After the close, Toshiba reported a 25% decline from its guidance in operating profit and Toyota Motor said operating net soared four-fold. NGK Spark Plug soared 7% on its outlook.

Stocks in Tokyo trading extended gains as companies report earnings and trade data from China lifted sentiment.

The yen dropped as low as 98.88 against one dollar.

Since mid-November, the yen has declined 22% and the Nikkei index has advanced 67% and several key components of the index has surged more.

The Nikkei 225 Stock Average gained 105.45 or 0.7% to 14,180.24 and the broader Topix Index rose 5.77 to 1,194.34.

China’s exports in April increased 14.7% and imports rose 16.8% and trade surplus was US$18.2 billion, Customs Administration said today.

The surge in exports and imports after few months of volatile trade data lifted market indexes across Asia.

Stocks in Review

Toyota Motor Corp gained 80 yen to 5,840 yen and Honda Motor Co. rose 10 yen to 3,980 yen and Nissan Motor Co Ltd added 2 yen to 1,019 yen.

Toyota Motor after the close said its annual operating profit soared four-fold to 1.32 trillion yen of $13.3 billion, ahead of analyst expectations of 1.2 trillion yen.

Sony jumped 37 yen to 1,768. Canon Inc up 20 yen to 3,505 yen and Nikon added 21 yen to 2,193 yen.

NGK Spark Plug increased 7% after the maker of glass and ceramic maker estimated full-year operating profit to increase 60% to 38 billion yen.

Fanuc Corp. climbed 550 yen to 15,790 yen Softbank Corp jumped 140 yen to 4,960 yen.

Toshiba Corp declined 5% after the chip maker said its operating profit declined 4.1% to in the year to March to 194.3 billion yen or $1.96 billion, 25% lower than its previous guidance of 260 billion yen.

Seven & I Holdings Co closed unchanged at to 3,785 yen. Fast Retailing Co. declined 700 yen to 36,250 yen.

Mitsubishi UFJ Financial Group slid 2 yen to 666 yen and Sumitomo Mitsui Financial Group slipped 15 yen to 4,675 yen.

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