4:30 PM Tokyo – Stocks in Tokyo advanced and the yen edged lower after optimism ran high that Greece and the euro zone will overcome differences. Japan Post offered 50% premium to acquire Australia-based Toll Holdings. Bridgestone said annual net income soared 49%. Electric Power Development is looking to raise as much as $1.1 billion through a public offering.
Stocks in Tokyo powered ahead on the hopes that Greece and the euro zone will settle differences and bring stability in the region.
Domestic earnings also supported market enthusiasm and Japan Post offered 50% premium to Australia-based Toll Holdings.
The Nikkei 225 Stock Average climbed 212.08 or 1.2% to 18,199.17 and the broader Topix index jumped to 20.60 or 1.4% to 1,482.67.
The yen weakened to 119.14 against one dollar.
Stocks in Review
gained 1.7% to 4,660.50 after the tire-maker reported revenues in the year ending in December jumped 3% to 3.67 trillion yen from 3.57 trillion yen a year ago period.
Net income in the year surged 48.8% to 300.59 billion yen compared to 202.05 billion yen and diluted earnings per share increased to 383.39 yen from 257.81 yen in the same period a year ago.
The company forecasted revenues for the first-half ending in June to climb 7.4% to 1.88 trillion yen and net income to drop 3% to 138 billion yen.
The tire-maker estimated revenues for the year to soar 8.3% to 3.98 trillion yen and net income to gain 6.1% to 319 billion yen.
Electric Power Development Co., Ltd
plunged 9.8% to 4,050 yen after the electricity producer plans to sell as much as $1.1 billion of shares to fund investment in domestic and overseas power projects.
EPCO Co Ltd
slipped 1.4% to 1,696 yen after the housing construction company said net sales in the year ending in December declined 7.5% to 3.05 billion yen from 3.30 billion yen a year ago period.
Net income in the year plunged 54.9% to 211 million yen compared to 469 million yen and earnings per share dropped to 47.39 yen from 105.03 yen in the same period a year ago.
Japan Post Holdings Co., Ltd
offered to acquire Australia-based logistics company Toll Holdings Ltd for about 600 billion yen or $5.1 billion. The state-owned postal company offered $9.04 per share, 49% higher than closing price of Tuesday.
The board of Toll Holdings unanimously agreed to recommend that shareholders accept the proposal and the deal is expected to be approved at the shareholder meeting in May.
Shares of Toll Holdings Limited surged 47.2% to $8.95.
increased 1.6% to 3,174.50 yen after the consumer electronic product maker’s president and chief executive officer Kazuo Hirai set the operating profit target of least 500 billion yen or $4.20 billion in fiscal 2017.”