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Market Update

Nissan Plunges 10% on Lowered Annual Outlook, Nikkei Advances

Author: Hiruki Nakamura
Last Update: 10:18 AM ET November 05 2013

4:30 PM Tokyo Investors in Tokyo shifted focus to domestic earnings and economic issues and the yen gained a fraction. Nikkei advanced but the focus remained on the yen trading. Nissan plunged 10% after it lowered annual earnings outlook. Toyota is set to release its half-year results tomorrow.

Stocks in Tokyo trading gained and the yen gained as investors looked for clues how far the latest monetary steps from Bank of Japan has helped the economy and corporate earnings.

Nissan plunged 10% after it lowered more than expected annual earnings outlook and the company blamed recent weakness in emerging markets currencies and also cost of a recall on Sept 26.

The Nikkei 225 Stock Average rose 23.80 to 14,225.37 and the Topix slid 0.45 to 1,182.58.

The yen jumped to 98.53 against one dollar.

Stocks in Review

Toyota Motor Corp fell 10 yen to 6,320 yen and Honda Motor Co. closed unchanged at 3,930 yen.

Nissan Motor Co Ltd plunged 100 yen or 10.4% to 861 yen after the automobile company lowered its annual net profit estimate for the year ending March 2014 by 15% to 355 billion yen and net revenue is now forecast to be 11.2 trillion yen.

The car-maker estimated operating profit to climb 600 billion yen from 523.5 billion yen for fiscal 2012.

Sony rose 1 yen to 1,669 yen.

Softbank Corp climbed 160 yen to 7,710 yen and Fast Retailing Co. decreased 150 yen to 32,500 yen.

Mizuho Financial Group, Inc closed unchanged at 205 yen after the financial regulator start to inspect books and procedures after finding the bank and its holding company failed to check whether the bank intentionally covered up loans to criminal syndicates.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc