Toyota Annual Outlook Trim Losses in Nikkei Trading

Nigel Thomas
10 May, 2012
New York City

Stocks in China declined on the ongoing political turmoil in the euro zone and losses were trimmed after Toyota Motor announced net sales in the current fiscal year to increase 18%. China reported less than expected foreign trade growth and is scheduled to release more economic data on Friday.

[R]8:30 PM Tokyo – Stocks in China declined on the ongoing political turmoil in the euro zone and losses were trimmed after Toyota Motor announced net sales in the current fiscal year to increase 18%. China reported less than expected foreign trade growth and is scheduled to release more economic data on Friday.[/R]

Stocks in Tokyo traded lower for the second day in a row and the Nikkei index declined to a 3-month low after China reported less than expected growth in exports and imports and Greece’s political turmoil intensified.

The Nikkei 225 Stock Average decreased 35.41 to 9,009.65 and the broader Topix index edged down 0.41 to 765.42.

Trading volume declined to 3-month low on the main board of Tokyo Stock Exchange to 1.33 billion shares.

China’s Custom Bureau said exports in April increased 4.9% from a year ago and imports rose 0.3%. Economists were looking for exports to rise at least 6% and imports to surge as much as 10%.

However, exports rose on a calendar day adjusted basis from the previous month by 9.4% and imports surged 7.3%.

China is scheduled to release data on inflation, industrial output, retail sales and fixed asset investment on Friday and show an improvement from the previous month.

Toyota Motor estimated current fiscal year sales to increase 18% to 22 trillion yen or $275 billion and net income to surge to 760 billion yen or $9.5 billion.

Stock Movers

Toyota Motor closed up 25 yen to 3,170 yen and Honda Motor Co. shrank 18 yen to 2,711 yen and Nissan Motor Co Ltd rose 1 yen to 778 yen.

Sharp Corp gained 2 yen to 411 yen and bounced around the multi-decade low reached in the last two weeks of trading.

Tokyo Electric Power soares after the government took over the utility and agreed to offer 1 trillion yen as part of the bailout.

Kansai Electric Power Company, Inc soared 57 yen to 1,090 yen and Tokyo Electric Power gained 12 yen to 196 yen.

Sony Corp decreased 15 yen to 1,213 yen. Panasonic Corp closed down at 8 yen to 579 yen and Canon Inc declined 25 yen to 3,460 yen.

Olympus Corp advanced 15 yen to 1,130 yen, Nikon soared 29 yen to 2,279 yen and Fanuc Ltd dropped 40 yen to 13,290 yen. Hitachi Ltd increased 8 yen to 484 yen.

Komatsu Ltd decreased 8 yen to 2,052 yen and Hitachi Construction Machinery Co rose 5 yen to 1,571 yen.

Inpex Corp added 0.1% to 489,000 yen and Japan Petroleum Exploration Co. slumped 1.9% to 3,300 yen.

Mitsui O.S.K. Lines, Ltd fell 4 yen to 282 yen, Kawasaki Kisen Kaisha, Ltd slipped 6 yen to 142 yen and Nippon Yusen K.K. closed down at 8 yen to 208 yen.

Nippon Electric Glass Co Ltd added 1 yen to 570 yen and Asahi Glass Co Ltd rose 1 yen to 587 yen.

Fast Retailing Co. shrank 250 yen to 16,640 yen and J. Front Retailing Co. Ltd fell 3 yen to 394 yen.

Mitsubishi UFJ Financial Group down 3 yen to 357 yen and Sumitomo Mitsui Financial Group dropped 17 yen to 2,403 yen. Nomura Holdings, Inc closed down 2 yen to 284 yen.

Tokyo Tatemono Co., Ltd increased 6 yen to 270 yen and Mitsui Fudosan gained 5 yen to 1,330 yen and Sumitomo Realty & Development Co. added 3 yen to 1,743 yen.

Nippon Steel rose 1 yen to 188 yen and JFE Holdings Inc advanced 10 yen to 1,371 yen.