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Market Update

Nikkei in Tokyo Advances, Olympus Estimated Prpfit to Double

Author: Hiruki Nakamura
Last Update: 10:25 AM ET June 23 2014

4:30 PM Tokyo – Nikkei 225 Stock Average gained as resource stocks advanced and telecom stocks declined. Casino equipment stocks fell. Mitsubishi Heavy Industries and Siemens failed to win energy business of Alstom SA.

Stocks in Tokyo closed higher and yen traded flat and investors focused on overseas markets after a latest private manufacturing survey showed improving market conditions.

The Nikkei 225 Stock Average rose 19.86 to 15,369.28 and the broader Topix index inched lower 1.44 to 1,267.48.

The yen edged up to close at 101.95 against one U.S. dollar.

The preliminary index of manufacturing in June increased to 50.8, tracked by HSBC Holdings Plc and Markit Ltd.

The private survey has a larger allocation to exporting companies and the government survey has a higher weight to state controlled larger enterprises.

Stocks in Review

Chubu Electric Power Company, Inc fell 0.8% to 1,266 yen after the electricity supplier and Osaka Gas Co. secured a partnership contract from Tokyo Electric Power Co. for its thermal power generation business to expand operations in Tokyo and surrounding areas.

KDDI Corporation slipped 1.1% to 6.020 yen after the telecommunications company plans to invest in Gunosy Inc., the domestic smart-phones and tablets newsreader application maker for about 1.2 billion yen or $11.8 million.

Mitsubishi Heavy Industries Ltd increased 1.3% to 638 yen after its joint bid with Siemens AG to acquire energy business of Alstom SA failed to win. General Electric’s bid was selected by the French company.

Olympus Corporation climbed 4.9% to 3,620 yen after the medical equipment maker forecasted operating profit for the first-quarter to double to 16.5 billion yen or $162 million from a year earlier.

Sapporo Holdings Ltd dropped 1.2% to 412 yen after the liquors, wine and other alcoholic beverages maker agreed to pay 11.6 billion yen in additional liquor tax for its popular beer product, “Goku Zero.”

Sapporo expected to post a one-time loss in the second-quarter ending in December.

The company revised the consolidated net profit forecast for the year to increase to 5 billion yen.

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