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Market Update

Nikkei in Tokyo Plunges 2.4% on Recession Worries


Author: Hiruki Nakamura
ticker.com
Last Update: 12:47 PM ET October 14 2014

4:30 PM Tokyo Market indexes in Tokyo traded lower and Nikkei extended weekly losses and the Topix dropped to the low not seen since May 30. BIC Camera reported annual sales increased 3%. LIXIL Group estimated weak sales and earnings outlook.

Market indexes in Tokyo extended weekly losses after a three-day weekend and the Nikkei plunged 2.4% and the yen advanced.

The growing worries of global economic slowdown and the rising prospects of Japan sliding in to a recession sent market indexes lower for the first day of trading this week.

The Nikkei 225 Stock Average declined 364.04 or 2.4% to 14,936.51 and the broader Topix index dropped 28.82 or 2.3% to 1,214.27.

The yen gained 0.2% and closed at 107.09 against one dollar.

Stocks in Review

BIC Camera Inc rose 0.3% to 991 yen after the home appliances retailer reported net sales in the year ending in August jumped 3% to 829.83 billion yen from 805.38 billion yen a year ago period.

Net income in the period surged 304.3% to 9.85 billion yen compared to 2.44 billion yen and diluted earnings per share climbed to 56.41 yen from 14.19 yen in the same period a year ago.

Ichigo Group Holdings Co Ltd declined 5.3% to 234 yen after the real estate investment company said revenues in the first-half ending in August tumbled 52% to 9.88 billion yen from 20.59 billion yen a year ago period.

Net income in the period plunged 9.6% to 2.49 billion yen compared to 2.76 billion yen and diluted earnings per share slipped to 4.95 yen from 6.05 yen in the same period a year ago.

LIXIL Group Corp slipped 1.2% to 2,123 yen after the bathroom accessories maker revised its net sales forecast for the first-half ending in September to drop 5.4% to 790 billion yen from earlier estimate of 835 billion yen.

The company expected net income in the first-half to tumble 78.9% to 4 billion yen compared to previous guidance of 19 billion yen.

Nomura Real Estate Master Fund slid 0.7% to 133,700 after the real estate developer reported revenues in the first-half ending in August dropped 3.2% to 9.47 billion yen from 9.18 billion yen a year ago period.

Net income in the period declined 161% to 4.08 billion yen compared to 4.86 billion yen and diluted earnings per share slumped to 2,450 yen from 2,918 yen in the same period 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