4:30 PM Tokyo – Stocks in Japan closed lower after China devalued yuan by 2% to support economic growth and manufacturing exports. Dentsu Inc said quarterly revenues increased 15% and net soared 75%. Nitto Denko, the industrial polymers maker estimated annual sales to rise 5.4%.
Nikkei average in Tokyo closed down after the surprise devaluation by China dented market sentiment in Japan and across the globe.
The Nikkei 225 Stock Average slipped 87.94 or 0.4% to 20,720.75 and the broader Topix index slid 3.69 to 1,687.60.
The yen eased to 124.93 against a dollar.
Stocks in Review
gained 1.7% to 7,140 yen after the advertising and marketing services provider reported revenues in the first-quarter ending in June climbed 14.9% to 172.03 billion yen from 149.76 billion yen in a year ago period.
Net income in the quarter soared 74.8% to 6.84 billion yen compared to 3.91 billion yen and diluted earnings per share jumped to 23.77 yen from 13.56 yen in the same period a year ago.
Daifuku Co., Ltd
rose 0.2% to 1,879 yen after the material handling equipment maker stated net sales in the first-quarter ending in June jumped 17.1% to 68.54 billion yen from 58.53 billion yen in a year ago period.
Net income in the quarter more than double to 2.58 billion yen compared to 1.12 billion yen and diluted earnings per share climbed to 21.17 yen from 9.16 yen in the same period a year ago.
jumped 3.1% to 2,062 yen after the engineering company said net sales in the first-quarter ending in June soared 21.6% to 207.22 billion yen from 170.46 billion yen in a year ago period.
Net income in the quarter slid 1.3% to 9.49 billion yen compared to 9.62 billion yen and earnings per share increased to 37.62 yen from 38.10 yen in the same period a year ago.
The company forecasted net sale for the year to climb 12.6% to 900 billion yen but net income to surge 93.9% to 40 billion yen.
Japan Real Estate Investment Corporation
dropped 2% to 530,000 yen after the real estate developer agreed to acquire commercial office property of domestic real estate in Sendai city of Miyagi prefecture for about 18.64 billion yen.
Nitto Denko Corporation
slipped 0.9% to 8,653 yen after the industrial polymers maker said net sales in the year ending in June jumped 9.3% to 203.21 billion yen from 185.91 billion yen in a year ago period.
Net income in the quarter climbed 54.1% to 18.59 billion yen compared to 12.06 billion yen and diluted earnings per share advanced to 112.42 yen from 72.98 yen in the same period a year ago.
For the first-half, the company forecasted revenues to soar 6.7% to 420 billion yen and net income to jump 19.1% to 36.40 billion yen.
Nitto Denko estimated revenues for the year to climb 5.4% to 870 billion yen and net income to surge 13.9% to 88.70 billion yen.
Sumitomo Life Insurance Co
, the life insurer is in acquisition talks with the U.S.-based rival Symetra Financial Corporation for about 400 billion yen to 500 billion yen or about $3.2 billion to $4 billion.
Sumitomo Metal Mining Co., Ltd
jumped 3.9% to 1,667 yen after the geological survey and civil engineering group forecasted revenues in the first-half unchanged at 465 billion yen from earlier forecast but net income to decline 19% to 45 billion yen from earlier guidance of 46 billion yen.