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Market Update

Toyota and Mitsubishi Corp Net Soar


Author: Hiruki Nakamura
ticker.com
Last Update: 10:37 AM ET May 08 2014

4:30 PM Tokyo – Stocks rebounded in Tokyo and investors shifted attention to domestic earnings. Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.

Market indexes in Tokyo rebounded and investors shifted attention to domestic earnings.

Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.

The Nikkei 225 Stock Average gained 130.33 or 0.9% to 14,163.78 and the Topix index rose 8 to 1,160.01.

The yen closed at 101.77 against the U.S. dollar.

China’s Trade Surplus Rebounds

China’s April trade surplus rose to $18.46 billion.

Exports increased 0.9% from a year ago to $188.54 billion and imports rose 0.8% to $170.09 billion, General Administration of Customs reported today.

The trade activities picked up after imports slumped 11.3% to $162.4 billion and exports fell 6.6% to $170.1 billion resulting in trade surplus of $7.7 billion.

China, reported its first trade deficit in 11 months of $23 billion in February.

Stocks in Review

Toyota Motor Corp added 17 yen to 5,528 yen after the largest Japan-based automaker reported net revenue in the year ending in March climbed 16.4% to 25.69 trillion yen from 22.06 trillion yen a year ago.

Net income in the year soared 89.2% to 1.82 trillion yen compared to 962.1 billion yen a year earlier.

The global automaker added increase in operating profit was driven by currency fluctuations of 900 billion yen, cost reduction efforts of 290 billion yen and marketing activities of 180 billion yen.

Operating income from Japanese operations jumped by 933.8 billion yen to 1.51 trillion yen.

Consolidated vehicle sales in the year totaled 9,116,033 units, an increase of 245,369 units from a year ago.

Toyota added vehicle sales in Japan totaled 2,365,410 units, an increase of 86,614 units. Vehicle sales in North America, totaled 2,529,398 units, an increase of 60,594 units. In Europe, vehicle sales totaled 844,003 units, an increase of 44,918 units and vehicle sales in Asia region totaled 1,608,355 units, a decrease of 75,223 units.

Honda Motor Co slid 17 yen to 3,354 yen. Nissan Motor Co Ltd rose 0.5% to 862 yen.

Sony gained 6 yen to 1,766 yen.

Softbank Corp slipped 121 yen to 7,299 yen. Fast Retailing Co Ltd jumped 615 yen to 31,565 yen.

Mitsubishi Corporation climbed 6.5% to 1,938 yen after the Japan-based trading company reported net sales in the year ending in March soared 8.6% to 21.95 trillion yen from 20.21 trillion yen 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