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Market Update

Stocks in Tokyo Rebound, Softbank Inchnes Closer to Acquiring T-Mobile

Author: Hiruki Nakamura
Last Update: 12:01 PM ET July 14 2014

4:30 PM Tokyo Stocks in Tokyo rebounded after a week of sharp losses and industrial output jumped in May. Softbank entered into a preliminary agreement to acquire U.S. based wireless carrier T-Mobile.

Market indexes in Tokyo recovered after a sharp weekly drop last week and industrial output jumped in May and Softbank reached a preliminary agreement to acquire T Mobile in the U.S. from Deutsche Telekom.

The Ministry of Economy, Trade and Industry said the country''s industrial output in May jumped more than expected and revised figures for industrial production to 0.7% from 0.5% earlier estimate released on June 29 and declined from 2.8% of April.

On yearly basis industrial production in May jumped 1% compared to 3.8% from a year ago month.

The Nikkei 225 Stock Average increased 132.78 or 0.9% to 15,296.82 and the broader Topix index gained 10.27 to 1,265.46.

The yen jumped to close at 101.50 against one U.S. dollar.

Stocks in Review

Asahi Glass Co Ltd increased 1% to 593 yen after the Nikkei news report that the profit in the first-half of the glass manufacturer is likely to decline 30% due to price competition in the LCD-television.

Ichigo Group Holdings Co Ltd climbed 3.4% to 338 yen after the real estate investment company reported revenue in the first-quarter ending in May tumbled 40.8% to 6.53 billion yen from 11.02 billion yen a year ago period.

Net income in the quarter surged 37% to 1.86 billion yen compared to 1.36 billion yen and diluted earnings per share jumped to 3.71 yen from 2.98 yen a year earlier.

Nippon Prologis REIT Inc., the real estate company said net sales in the third-quarter ending in May plunged 25.5% to 12.69 billion yen from 10.11 billion yen a year ago.

Net income in the quarter declined 11.7% to 5.18 billion yen compared to 4.64 billion yen and earnings per share decreased to 3,320 yen from 3.386 yen a year earlier.

Sumitomo Corporation gained 1.6% to 1,369 yen after the infrastructure developer plans to build a 75 mega watt biomass power station from next month with estimated project cost of 20 billion yen in Aichi prefecture in central Japan.

Softbank advanced 2.3% to 7,549 yen and the company finalized its preliminary agreement for the acquisition of the U.S. based T Mobile wireless carrier to merge with its Sprint Corp unit.

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