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Market Update

Nikkei in Tokyo Jumps 1% in Asian Rally


Author: Hiruki Nakamura
ticker.com
Last Update: 9:32 AM ET November 05 2015

4:30 PM Tokyo – Nikkei average in Tokyo jumped 1% on positive assessment of the U.S. economy and rally in Shanghai supported the market advance across several markets in Asia. Mitsubishi net swung to a loss. Marubeni net tumbled 76%. Toyota lowered fiscal year vehicle sales forecast after net profit soared 12%.

Japan markets jumped after the Federal Reserve Chair Janet Yellen defended the central bank’s tighter approach and closer scrutiny of nation’s banks and also said that the U.S. economy is “performing well.”

In addition, the surge of 4% in Shanghai market also helped the sentiment in the Asian markets trading on the hopes that the central bank may announce more stimulus measures.

Mitsubishi net swung to a loss and Marubeni profit tumbled 76% and Toshiba’s operating loss is expected to be in-line with the estimate of 90 billion yen.

Toyota lowered vehicle sales forecast for the fiscal year after net profit soared 12%.

The Nikkei 225 Stock Average jumped 189.50 or 1% to 19,116.41 and the broader Topix index increased 14.67 to 1,555.10.

The yen strengthened to 121.46 against a dollar.

Stocks in Review

Ajinomoto Co Inc soared 5.5% to 2,804 yen after the food flavor seasonings maker said net sales in the first-half ending in September soared 26.1% from a year ago to 1.18 trillion yen.

Net income in the period doubled to 42.51 billion yen compared to 20.75 billion yen and diluted earnings per share jumped to 71.83 yen from 35.04 yen.

For the year, the company estimated net sales to surge 25.5% to 1.26 trillion yen and net income to advance 45.2% to 67.50 billion yen.

Mitsubishi Corp plunged 6.2% to 2,034.50 yen after the trading company reported net sales in the first-half ending in September declined 5.2% from a year ago to 3.61 trillion yen.

Net in the period swung to a loss of 50.54 billion yen compared to profit of 376.77 billion yen and diluted loss per share swung to a 96.31 yen from diluted earnings per share of 155.96 yen.

For the year, Mitsubishi forecasted net income to decline 25.1% to 300 billion yen.

Marubeni Corp dropped 1.9% to 686.20 yen after the diversified wholesales traders said net sales in the first-half ending in September slumped 8.2% from a year ago to 6.52 trillion yen.

Net income in the period tumbled 75.5% to 49.98 billion yen compared to profit of 204.33 billion yen and diluted earnings per share plunged to 58.33 yen from 75.07 yen.

The wholesales traders estimated net sales to decline 6.6% to 13 trillion yen and net income to soar 70.4% to 180 billion yen.

Minebea Co Ltd increased 1.2% to 1,394 yen after the ball bearings maker stated net sales in the first-half ending in September jumped 36.5% from a year ago to 295.55 billion yen.

Net income in the period fell 5.3% to 23.33 billion yen compared to 24.64 billion yen and diluted earnings per share decreased to 45.09 yen from 45.27 yen.

Minebea estimated net sales for the year to 680 billion yen and net income to surge 20.3% to 48 billion yen.

Rakuten Inc slipped 0.5% to 1,613.50 yen after the online shopping mall operator stated net sales in the nine-month period ending in September surged 21.3% from a year ago to 514.71 billion yen.

Net income in the period slid 0.4% to 42.54 billion yen compared to 42.71 billion yen and diluted earnings per share fell to 31.18 yen from 31.88 yen.

Rakuten forecasted revenues in the year to increase at about 598.57 billion yen and net income of about 118.09 billion yen.

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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