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Market Update

Topix in Tokyo Turns Lower from a Five-Week High

Author: Hiruki Nakamura
Last Update: 11:19 AM ET July 03 2014

4:30 PM Tokyo – Stocks in Tokyo closed lower but investors held out for gains later in the year. Dai-ichi Life is set to approve stock sale of at least $2 billion to fund its acquisition of Protective Life Corp. Osaka Organic Chemical reported weak growth in sales and net declined.

Stocks in Tokyo closed lower and the Topix index closed down after rising as much as 0.3% in the session.

The broader topix index, widely followed among institutional investors, turned lower from a five-month high but investors remained optimistic of Japanese economic fundamentals.

Five week rise in the Topix index of 11% has trimmed its year-to-date decline to 1.8%.

The Nikkei 225 Stock Average slipped 28.87 or 0.2% to 15,341.10 and the broader Topix index fell 2.19 to 1,278.59.

The yen eased to close at 101.92 against one U.S. dollar.

Stocks in Review

Dai-ichi Life Insurance Co Ltd dropped 2.3% to 1,502 after the Nikkei newspaper reported the insurance company’s board will approve the 250 billion yen share sale to fund for acquisition of Protective Life Corporation.

Fast Retailing Co Ltd rose 0.1% to 33,375 yen after the company said same-store sales in June at its Uniqlo clothing outlets in Japan rose 2.6% from a year earlier, while its peers reported lower sales in June.

Osaka Organic Chemical Ind. Ltd rose 0.4% to 474 yen after the chemical producer said net sales in the second-quarter ending in May grew 1.2% to 11.38 billion yen from 11.24 billion yen a year ago.

Net income in the quarter declined 6.3% to 419 million yen compared to 447 million yen and earnings per share fell to 18.29 yen from 19.52 yen a year earlier.

Seven & I Holdings Co., Ltd slipped 1.3% to 4,358 yen after the convenience stores operator reported net sales in the first-quarter ending in May jumped 7.9% to 1.47 trillion yen from 1.36 trillion yen a year ago period.

Net income in the quarter climbed 5.6% to 39.52 billion yen compared to 37.43 billion yen and diluted earnings per share increased to 44.67 yen from 42.34 yen a year earlier.

Toshiba Corporation jumped 2.5% to 484 yen after the conglomerate’s U.S. unit Westinghouse Electric is expected to secure an order worth 500 billion yen to build a nuclear reactor in Bulgaria.

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