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Market Update

Weekly Surge of 10.4% in Nikkei in Tokyo


Author: Hiruki Nakamura
ticker.com
Last Update: 10:47 AM ET November 07 2014

4:30 PM Tokyo – Nikkei index in Japan closed higher and extended weekly surge to 10.4% after actions form the Bank of Japan and GPIF. Exporters led the gainers today and in the week after the yen declined to a four-year low on the central bank’s desire to inflate the economy.

Market indexes in Tokyo closed higher and the yen declined further and extended losses for the fifth day in a row.

Crude oil and gold prices declined further in international markets but investors turned optimistic on the prospect of central banks’ willingness to provide additional stimulus to support the economies in the euro zone and in the U.S.

The Nikkei 225 Stock Average gained 104.25 or 0.6% to 16,896.73 and the broader Topix index increased 7.32 to 1,363.67. For the week, Nikkei 225 surged 10.4%.

The yen eased for the fifth day and closed at 115.44 against one dollar.

Stocks in Review

Gunma Bank Ltd climbed 3% to 714 yen after the investment bank said net revenue in the second-quarter ending in September slid 0.5% to 66.12 billion yen from 65.79 billion yen a year ago period.

Net income in the quarter climbed 14.9% to 14.10 billion yen compared to 12.27 billion yen and diluted earnings per share jumped to 30.29 yen from 26.21 yen in the same period a year ago.

Nippon Telegraph and Telephone Corp increased 0.3% to 6,819 yen after the communications service provider reported revenue in the second-quarter ending in September jumped 2% to 5.37 trillion yen from 5.27 trillion yen a year ago period.

Net income in the quarter plunged 10.3% to 290.33 billion yen from 323.54 billion yen and earnings per share slumped to 261.63 yen from 277.46 yen in the same period a year ago.

NTT forecasted revenue for the year to increase 0.8% to 11 trillion yen and net income for the year to decline 9.6% to 529 billion yen from a year ago period.

The company plans to raises share buyback for up to 350 billion yen from 250 billion yen.

Olympus Corp gained 1.1% to 4,265 yen after the medical and life science products maker stated revenue in the second-quarter ending in September climbed 6.3% to 355.01 billion yen from 333.83 billion yen a year ago period.

Net in the quarter swung to profit 22.33 billion yen compared to a loss of 7.94 billion yen and earnings per share swung to 65.25 yen from a loss of 24.67 yen in the same period a year ago.

Mitsubishi Corp jumped 2.2% to 2,236 yen after the international trading company reported revenue in the first-half ending in September increased 2.8% to 3.80 trillion yen from 3.70 trillion yen a year ago period.

Net income in the period soared 12.7% to 376.77 billion yen compared to 334.20 billion yen and diluted earnings per share climbed to 155.96 yen from 134.37 yen in the same period a year ago.

The trader lifted net income guidance for the year by 10% to 400 billion yen from a year ago period.

Seven Bank, Ltd rose 0.9% to 475 yen after the financial service provider said net revenue in the second-quarter ending in September climbed 8.6% to 56.76 billion yen from 52.26 billion yen a year ago period.

Net income in the quarter jumped 6.2% to 12.41 billion yen compared to 11.68 billion yen and diluted earnings per share gained to 10.40 yen from 9.79 yen in the same period a year ago.

Takata Corporation declined 4.7% to 1,455 yen on media report the automobiles safety products maker ordered its technicians to delete the test results on defective safety bags after finding cracks in air bag following an accident met in 2004 that linked to at least four deaths in the U.S.

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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