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Market Update

Stocks in Japan Extend Multi-year Highs Higher Sales Tax Delay


Author: Hiruki Nakamura
ticker.com
Last Update: 1:23 PM ET November 12 2014

4:30 PM Tokyo Stocks in Tokyo advanced and investors prepared for a possible snap elections in Japan and wait for the implementation of higher sales tax. Current account surplus increase for the third month in a row in September. Dentsu Inc, the largest ad agency reported 5% sales increase in first-half.

Market indexes in Tokyo gained and the current account surplus increased in September, third monthly increase in a row.

Yesterday, in a preliminary report the Finance Ministry said current account surplus in the first-half period dropped to 2.02 trillion yen after the increase in trade deficit outweighed the rising of income from foreign investment.

For the month of September, current account surplus was 963.0 billion yen, an increase for the third month in a row.

Imports climbed 6.7% to 40.56 trillion yen while exports jumped 5.5% to 36.17 trillion yen from a year earlier.

The Nikkei 225 Stock Average gained 72.94 or 0.4% to 17,197.05 and the broader Topix index rose 1.84 to 1,377.05.

The yen closed at 115.18 against one dollar.

Stocks in Review

Daifuku Co., Ltd slipped 1.7% to 1,287 yen after the material handling systems and equipment maker said net sales in the second-quarter ending in September climbed 10.8% to 123.93 billion yen from 111.85 billion yen a year ago period.

Net income in the quarter soared 29.5% to 4.21 billion yen compared to 3.25 billion yen and diluted earnings per share increased to 34.60 yen from 29.39 yen in the same period a year ago.

Dentsu Inc gained 1.8% to 4,315 yen after the communication service provider reported net sales in the first-half ending in September jumped 5% to 1.14 trillion yen from 1.08 trillion yen a year ago period.

Net income in the quarter tumbled 72.1% to 2.82 billion yen compared to 10.1 billion yen in the same period a year ago.

The company lowered net income forecast for the year to declined 5.5% to 29.40 billion yen from previous estimate of 31.10 billion yen.

Sankyo Frontier Co., Ltd slid 0.1% to 820 yen after the prefabricated houses developer net sales in the second-quarter ending in September soared 14.6% to 14.29 billion yen from 12.47 billion yen a year ago period.

Net income in the quarter climbed 43.4% to 1.07 billion yen compared to 749 million yen and earnings per share jumped to 48.37 yen from 33.73 yen in the same period a year ago.

Toyo Tire & Rubber Co., Ltd fell 0.6% to 1,851 yen after the tire maker said net sales in the first-half ending in September climbed 7% to 287.27 billion yen from 268.18 billion yen a year ago period.

Net income in the quarter surged 282.4% to 23.51 billion yen compared to 6.15 billion yen in the same period a year ago.

Taiko Pharmaceutical Co Ltd slid 0.4% to 1,905 yen after the pharmaceutical company stated net sales in the second-quarter ending in September declined 13.9% to 3.65 billion yen from 4.24 billion yen a year ago period.

Net income in the quarter plunged 37.1% to 702 million yen compared to 1.12 billion yen and diluted earnings per share dropped to 54.07 yen from 84.77 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