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Market Update

Nikkei in Tokyo Drops 0.7%, McDonald's Japan Drops 3%


Author: Hiruki Nakamura
ticker.com
Last Update: 1:17 PM ET October 07 2014

4:30 PM Tokyo – Stocks in Tokyo declined and the yen rebounded. J. Front Retailing reported sales in the first-half ending in August declined 0.2%. McDonald''s Holdings Co Japan estimated loss in the fiscal year as sales suffer on tainted chick supplies worries.

Market indexes in Tokyo traded lower after surging in Monday’s trading and the yen recovered against the U.S. dollar.

The Nikkei 225 Stock Average slipped 107.12 or 0.7% to 15,783.83 and the broader Topix index fell 5.51 to 1,290.89.

The yen gained 0.2% and closed at 108.70 against one dollar.

Stocks in Review

Ait Corporation declined 3.6% to 771 yen after the cargo delivery service provider said net sales in the second-quarter ending in August climbed 12.7% to 10.16 billion yen from 9.02 billion yen a year ago period.

Net income in the quarter plunged 21% to 377 million yen compared to 477 million yen and earnings per share declined to 19.73 yen from 24.97 yen a year earlier.

J. Front Retailing Co Ltd slid 0.2% to 1,375 yen after the department stores operator reported net sales in the first-half ending in August fell 0.2% to 557.63 billion yen from 558.69 billion yen a year ago period.

Net income in the quarter tumbled 61.9% to 7.80 billion yen compared to 20.46 billion yen and diluted earnings per share dropped to 29.56 yen from 77.48 yen a year earlier.

McDonald''s Holdings Co (Japan) Ltd dropped 2.5% to 2,638 yen after the fast food chain forecasted net loss for the current fiscal year ending in December of 17 billion yen or $157 million, as sales suffered on the worries of contaminated chicken supply from 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