Nikkei Extends Rally; Toyota, Nissan U.S. Sales Rise, Honda Sales Lag

Hiruki Nakamura
02 Apr, 2014
New York City

Stocks in Tokyo closed higher and extended rally to the second week and the yen eased. Toyota said U.S. sales increased 4.9% in March. Nissan sales rose 8% and Honda sales declined 2%. Hokkaido Electric extended two-day loss to 15%. Fast Retailing March same store sales increased 0.6%.

[R]4:30 PM Tokyo – Stocks in Tokyo closed higher and extended rally to the second week and the yen eased. Toyota said U.S. sales increased 4.9% in March. Nissan sales rose 8% and Honda sales declined 2%. Hokkaido Electric extended two-day loss to 15%. Fast Retailing March same store sales increased 0.6%.[/R]

Investors in Tokyo and in Asia bid up stocks after U.S. manufacturing data lifted hopes for the global economic growth.

The Nikkei 225 Stock Average jumped 154.33 or 1% to 14,946.32 and the Topix index increased 7.11 to 1,211.36.

The yen rose to 103.74 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp gained 34 yen to 5,847 yen after the automobile company reported U.S. sales in March jumped 4.9% to 215,348 vehicles.

Honda Motor Co jumped 43 yen to 3,662 yen the automaker said March sales in China fell 2% to 59,915 units this following 27.6% increase in February and 33.6% rise in January.

In China, Honda with its partners Dongfeng Motor Group Co Ltd and Guangzhou Automobile Group Co Ltd. estimated sales increased 18.9% to 900,000 passenger cars.

Honda new car prices in March increased 1.4% to an average of $31,995 from $28,454 a year ago month.

Nissan Motor Co Ltd rose 1.5% to 935 yen after the automaker said with its local joint venture sales increased 26% to 115,900 automobiles in China in March, climbed 26% from a year ago month.

Nissan said sales in the U.S. in March increased 8.3% to 137,726.

Sony slipped 21 yen to 1,990 yen.

Softbank Corp increased 116 yen to 8,066 yen.

Fast Retailing Co climbed 740 yen to 37,730 yen after the Japan-based apparel retailer said same-store sales in March at its Uniqlo clothing outlets in Japan rose 0.6% from a year ago on a sustained demand for its spring season offerings.

Hokkaido Electric Power Co., Inc declined 5.4% to 739 yen and the power producer is likely to be the first utility to ask for financial assistance. The Development Bank of Japan is considering invest about 50 billion yen.

Hokkaido extended losses today after plunging 10% in yesterday’s trading.

Hokkaido expects to post a net loss for the third year in a row.

Yahoo Japan Corporation jumped 2.3% to 522 yen after the Japan-based Internet search service provider plans to raise its stake in Japan Net Bank from 12.18% to 41.16% for an undisclosed sum and strengthen its online payment system.