Yen Gains in Tokyo, Yamaichi Electronics and Suntory in Focus on Earnings

Hiruki Nakamura
20 May, 2014
New York City

Nikkei index in Tokyo closed up and the yen closed higher for the second day in a row. Bank of Japan is scheduled to complete its 2-day meeting tomorrow and investors are looking for additional stimulus measures.

[R]4:30 PM Tokyo – Nikkei index in Tokyo closed up and the yen closed higher for the second day in a row. Bank of Japan is scheduled to complete its 2-day meeting tomorrow and investors are looking for additional stimulus measures.[/R]

Trading in yen provided direction to stocks and market averages gained at close after a choppy session.

The Nikkei 225 Stock Average gained 68.81 or 0.5% to 14,075.25 and the Topix index rose 3.31 to 1,153.38.

The yen closed higher at 101.44 against the U.S. dollar.

Stocks in Review

Toyota Motor Corp rose 9 yen to 5,468 yen. Honda Motor Co added 24 yen to 3,402 yen. Nissan Motor Co Ltd gained 1.2% to 896 yen.

Sony slid 2 yen to 1,625 yen.

Softbank Corp increased 30 yen to 6,796 yen. Fast Retailing Co Ltd jumped 395 yen to 31,790 yen.

Hearts United Group Co Ltd gained 1.1% to 1,931 yen after the software discovery delivery company said net sales in the year ending in March climbed 47.4% to 10.14 billion yen from 6.88 billion yen a year ago.

Net in the year surged 88.2% to 1.09 billion compared to 579 million yen and earnings per share soared to 91.92 yen from 49.95 yen a year earlier.

Suntory Holdings Limited, the distilled-liquor maker reported net sales in the first-quarter ending in March soared 18.6% to 483.99 billion yen from 408.18 billion yen a year ago period.

Net income in the quarter climbed 87.4% to 9 billion yen compared to 4.80 billion yen and earnings per share jumped to 13.09 yen from 7.04 yen a year earlier.

The distilled-liquor maker forecasted sales in 2020 of 1 trillion yen or $9.72 billion after it acquired the U.S.-based whiskey giant Beam Inc on April 30 for $83.50 per share and renamed as Beam Suntory Inc.

The company generates annual worldwide sales of about $4.6 billion excluding taxes.

Yamaichi Electronics Co., Ltd closed unchanged at 385 yen after the integrated circuit maker reported net sales in the year ending in March jumped 9.1% to 21.78 billion yen from 19.96 billion yen a year ago.

Net in the year tumbled 69.1% to 970 million compared to 3.14 billion yen and earnings per share declined to 41.65 yen from 134.82 yen a year earlier.