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Market Update

Nikkei in Tokyo Plunges 1.4%

Author: Nichole Harper
Last Update: 11:38 AM ET May 16 2014

4:30 PM Tokyo – Stocks in Tokyo plunged following losses in New York in overnight trading. Dentsu reported annual net increased Alconix annual net sales rose 12%. SMC Corp annual net soared 34%.

Stocks in Tokyo plunged and market indexes trimmed weekly losses and the yen gained against the dollar.

The weak closing in New York overshadowed domestic earnings news and investors also looked at the latest election poll results in India.

Narendra Modi led Bhartiya Janata Party won outright majority in India’s Parliamentary results. The designate prime minister candidate Modi is close to business and political leaders in Japan.

Modi has governed Gujarat state for more than fourteen years and has attracted several Japanese companies to invest in the state. Investors hope Modi will expand this relationship and attract more Japanese investments in India.

The Nikkei 225 Stock Average dropped 201.62 or 1.4% to 14,096.59 and the Topix index slumped 19.22 to 1,159.07. For the week, Nikkei 225 slipped 0.7%.

The yen closed at 101.57 against the U.S. dollar.

Commodities and resource linked stocks gained for the second day in a row despite China reporting a plunge of 25% from a year ago in new home constructions.

Stocks in Review

Toyota Motor Corp declined 113 yen to 5,522 yen. Honda Motor Co fell 31 yen to 3,358 yen. Nissan Motor Co Ltd slipped 2.3% to 894 yen.

Sony slumped 49 yen to 1,646 yen.

Softbank Corp dropped 255 yen to 6,895 yen after the mobile communication services provider plans to raise 300 billion yen or $3 billion sell new bonds for future investments and offer five-year notes at an annual coupon of 1.45%.

Fast Retailing Co Ltd fell 145 yen to 31,710 yen.

Alconix Corporation climbed 4.4% to 2,130 yen after the nonferrous metal products distributor said net sales in the year ending in March climbed 11.5% to 183.75 billion yen from 164.77 billion yen a year ago.

Net income in the year surged 119.8% to 3.14 billion yen compared to 1.43 billion yen and diluted earnings per share jumped to 493 yen from 224.28 yen a year earlier.

Dentsu Inc slid 0.3% to 3,850 yen after the advertising and marketing service provider reported revenue in the year ending in March soared 19% to 2.31 trillion yen from 1.94 trillion yen a year ago period.

Net income in the year jumped 6.8% to 38.80 billion compared to 36.34 billion yen a year earlier.

The company forecasted revenue in the fiscal 2014 to increase 2.7% to 2.37 trillion yen but net income to declined 19.8% to 31.1 billion yen compared to reported results of fiscal 2013.

SMC Corporation slipped 1% to 24,495 yen after the pneumatic equipment maker stated net sales in the year ending in March surged 22.3% to 395.30 billion yen from 323.13 billion yen a year ago.

Net income in the year climbed 34.3% to 86.31 billion compared to 64.27 billion yen and earnings per share jumped to 1,274.20 yen from 937.70 yen a year earlier.

Relo Holdings, Inc soared 4.2% to 5,920 yen after the welfare outsourcing service provider said net sales in the year ending in March jumped 8.9% to 125.33 billion yen from 115.06 billion yen a year ago.

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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