Market Updates
Volatile Nikkei Plunges 2.4%, Fast Retailing Drops 6%
Hiruki Nakamura
06 Jan, 2014
New York City
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Nikkei in Tokyo dropped sharply and the yen continued its weakness against the dollar and the euro. Fast Retailing declined 6% on lower than expected increase in same store sales in December.
[R]4:30 PM Tokyo – Nikkei in Tokyo dropped sharply and the yen continued its weakness against the dollar and the euro. Fast Retailing declined 6% on lower than expected increase in same store sales in December.[/R]
Market averages in Tokyo slumped the most in the year after a record run in 2013 and the yen continued its slide against the dollar and the euro.
The Nikkei 225 Stock Average declined 382.43 or 2.4% to 15,908.88 and the Topix fell 10.14 to 1,292.15.
The yen closed 104.54 against one dollar.
Stocks in Review
Toyota Motor Corp dropped 120 yen to 6,300 yen and the automaker with two local joint-venture partners sold above 900,000 units in China in 2013 compared to 840,000 unit sale in 2012.
Honda Motor Co slumped 55 yen to 4,275 yen.
Nissan Motor Co Ltd gained 14 yen to 898 yen and the automotive company appointed deputy managing director Hiroyuki Yoshimoto of Nissan Motor (Thailand) Co., Ltd. as president.
Sony slipped 24 yen to 1,802 yen. Softbank Corp declined 320 yen to 8,880 yen.
Fast Retailing Co plunged 2,500 yen or 5.8% to 40,900 yen and the retailer said same-store sales in December increased 1.1% from a year ago and sales at its own stores jumped by 3.7%. Total sales including online sales climbed 4.1%.
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