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Market Update

Nikkei in Tokyo Advances 1.8%, Seibu Prepares for $1.8 Billion IPO


Author: Hiruki Nakamura
ticker.com
Last Update: 10:30 AM ET March 24 2014

4:30 PM Tokyo – Stocks in Tokyo closed higher after a 3-day weekend and despite a weakness in manufacturing sector in China. Automakers, electronics exporters and select banks led the gainers. Seibu Holdings in expected to raise as much as $1.75 billion in a public offering.

Stocks in Tokyo traded higher after two weeks of decline. Market indexes gained despite a weak reading on China’s manufacturing sector.

In active trading, stocks pared losses after a 3-day weekend as investors bid up export sensitive stocks, retailers and select banks.

The Nikkei 225 Stock Average jumped 251.07 or 1.8% to 14,475.30 and the Topix index gained 17.07 to 1,163.04. The Topix index last week declined 1.6% after falling 5.8% in the previous week.

The yen rose to 102.48 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp jumped 92 yen to 5,517 yen. Honda Motor Co fell 40 yen to 3,496 yen. Nissan Motor Co Ltd climbed 2.1% to 882 yen.

Sony advanced 41 yen or 2.3% to 1,798 yen.

Softbank Corp gained 142 yen to 8,354 yen. Fast Retailing Co increased 935 yen to 36,340 yen.

NEC Corp climbed 2.7% to 306 yen after the cloud services provider plans to acquire A123 Systems'' battery integration business from China-based Wanxiang Group for about $100 million.

Seibu Holdings Inc., Japan-based railway and hotel business group received approval to list its shares on the Tokyo Stock Exchange on April 23 in an initial public offering. The offering is expected to be largest this year and raise as much as $1.75 billion according to sources in the company.

Sekisui House Ltd slipped 1.7% to 1,209 yen after the home builder said it found defects in the Tokyo residential complex and will rebuild the portions of building. The apartment in the complex sell for as much as $3.5 million.

Toho Zinc Co Ltd jumped 3.3% to 311 yen after the non-ferrous metal products and electronic components maker lifted its estimate of the net-income for the year ending in March to 1.4 billion yen compared to earlier forecast of 200 million yen.

Yamato Holdings Co., Ltd increased 3.5% to 2,110 yen after the Nikkei newspaper reported that the express delivery service provider will work with China Post to launch a delivery service in China.

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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