Market Updates
Chimakers Lead Gainers in Tokyo
Darlington Musarurwa
21 Apr, 2010
New York City
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The benchmark indexes in Tokyo closed higher on the rising expectations of earnings and positive assessment of the regional economies. Ahead of the busy earnings season from next week, the indexes closed at six week high. Elpida Memory posts first profit in three years.
[R]5:00 AM New York, 7:00 PM Tokyo – The benchmark indexes in Tokyo closed higher on the rising expectations of earnings and positive assessment of the regional economies. Ahead of the busy earnings season from next week, the indexes closed at six week high. Elpida Memory posts first profit in three years.[/R]
The benchmark indexes in Tokyo closed higher on the rising expectations of earnings and positive assessment of the regional economies. Ahead of the busy earnings season from next week, the indexes closed at six week high.
Chipmakers Elpida Memory forecasted its first profit in three years in the fiscal year ending March on resurgent DRAM bit demand.
In Tokyo trading Nikkei 225 Stock Average jumped 1.7% or 189.37 to 11,090.05, and the broader Topix Index increased 1.5% to 987.07.
In the first section of the Tokyo Stock Exchange 10.8 billion shares worth 752 billion yen were traded and in the second section 295 million shares valued at 4.4 billion yen changed hands.
Of the Nikkei 225 index stocks, 210 rose, 10 fell, and 5 were unchanged. Hino Motors led advancers in the index shares with a rise of 6.3% followed by Nitto Boseki gaining 6%.
Other chipmakers and chip equipment makers turned higher. Advantest Corp gained 3.3%, Tokyo Electron added 3.2% and Ibiden Co soared 5%, its best close in two years.
Elpida Memory Expects Profits, First in Three Years
Elpida Memory reported today in its preliminary consolidated results for the fiscal year ending March 31 that it expects net income to rise from a loss of 180.9 billion yen to a profit of 2 billion yen.
Net sales are estimated to climb 41% to 466 billion yen and operating income is expected to jump to 26 billion yen from a loss of 147.4 billion yen.
The company revised the forecast after DRAM memory modules shipments surged 50% and “cost reductions made possible by continued production shift to advanced processes.”
Japan Upgrades Regional Economies
Ministry of Finance reported in a quarterly regional economic outlook that the economy in all regions is showing signs of picking up, notwithstanding the fact that the economy is in “a severe state.”
The positive assessment of the regional economic trend turned positive for the first time in two quarters.
The report notes that in some branches output has recovered to the levels last seen in 2007 before the crisis levels.
However, the finance ministry is still cautious about future growth prospects mainly because of the effects of falling prices and the fragile state of the economy.
The ministry''s Kanto bureau, which superintends over Tokyo and the surrounding metropolitan area, noted that the economy is picking up, while employment conditions remain tight.
Nikkei Movers
Dentsu Inc led the decliners in the Nikkei 225 Stock Average with a loss of 1.1% followed by losses in JFE Holdings, Inc of 0.7%, in Seven & I Holdings Co., Ltd of 0.7%, in Tokyu Corp 0.5% and in Shionogi & Co., Ltd 0.3%.
Hino Motors Ltd led gainers in the Nikkei 225 Stock Average with a rise of 6.2% followed by gains in Nitto Boseki Co Ltd 6.0%, in Fuji Electric Holdings Co., Ltd of 5.4% and in Taiyo Yuden Co., Ltd 5.0%.
Other Movers
All Nippon Airways Co advanced 3.8% to 302 yen after the carrier was upgraded to “buy” from “underperform” at Merrill Lynch & Co.
Combi Corp gained 6.1% to 740 yen after the baby goods maker announced that it has lowered its consolidated full-year outlook for revenue from 28,000 million yen to 26,400 million yen.
DeNA Co., Ltd rose 4.7% to 722,000.00 yen after the operator of auction and shopping Web sites announced that it has received approval from its board of directors to make partial change to its article of incorporation on June 1. Based on change to article sixth, the company''s total shares outstanding will be 540,900,000, instead of 1,803,000.
Tokyo Ohka Kogyo Co added 5.7% to 1,964.00 yen after electronics components maker for semiconductors was rated “buy” in new coverage by UBS AG.
Tokyo Steel Manufacturing Co rose 4.9% to 1,269.00 yen after the furnace steelmaker was upgraded to “overweight” from “neutral” at JPMorgan Chase & Co.
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